The firm talked about the move some time ago, then fell silent. Five months ago, negotiations started to simmer, Dan Tatsch, senior vice president of Hillwood Investment Properties, tells GlobeSt.com. Now, the deal's done and White Consolidated will be moving into the building in early January 2002. The speedy action, he says, is being pushed by a strategy to reduce operating costs and relocate closer to the region's freeway network.
White Consolidated Industries, owned by Sweden-based Electrolux, currently leases a site in Carrollton. "My understanding is this building is going to give them significant improvement in their operating efficiency...and reduce costs," Tatsch says.
The regional wholesale distributor of Electrolux appliances will be joining Southwest Moulding, which moved into 182,256 sf in October at 3601 Pinnacle Point Dr. situated just off Interstate 30 in the Dallas bounds. Tatsch says there are several proposals out for the building's balance, but "nothing's firm yet."
Seth Kelly, Ann Huntington and Ryan Keiser, all of Trammell Crow Co. in Dallas, represented the tenant. Thomas O. Pearson and Lizzy Pappachen, both of Cushman & Wakefield of Texas Inc. in Dallas, negotiated the long-term lease for Hillwood.
Pinnacle Park offers a Triple Freeport tax exemption, a must-have incentive to lure the distribution giants to the big box properties. The building also delivers a more centralized location to White Consolidated plus a newer facility, says Tatsch. The building was completed in October.
In the past year, Hillwood has leased 1.5 million sf at its three-building, 1.75 million-sf development in Pinnacle Park. Other distribution center tenants include Garden Ridge, Quality Logistics, ODC Logistics and Shippers Warehouse. All are major players in their respective industries–a boon for the building owner. White Consolidated's parent, Electrolux, aptly stacks up with sales of about $14 billion in 2000 and a workforce of nearly 87,100 worldwide.
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