Hillwood Outplays Pack for 511,796-SF Portfolio

[IMGCAP(1)]RICHARDSON, TX-In an atypical move for its MO, Hillwood has bought a 511,796-sf portfolio of office and office/tech space at the heart of the original Telecom Corridor. Sources say the eight-building Cardinal Technology Center I and II have brought slightly less than the $125 per sf replacement cost.

Hillwood’s point man for the deal didn’t return a telephone by deadline to discuss the motivation for the strategy shift for the North Texas-based developer who’s got office, flex and industrial projects under way coast to coast. The 25-acre asset was on the market 30 days as a whole piece or two–369,440 sf in five tech structures and 142,356 sf in three office buildings.

[IMGCAP(2)]Michael Hardage, managing director for Tranwestern Dallas, tells GlobeSt.com that there were eight full-portfolio offers and another half dozen for the two pieces. Hillwood outbid the pack to become the second owner for the complex, which had its office/tech space deliver in 1996 and the pure office come on line in 1999 and 2000. The keys were turned over by an institutional client of Seattle-based Kennedy Associates Real Estate Counsel Inc.