Real Estate
Hillwood acquires Amazon-leased warehouse for $106.5M, signaling strategic expansion in high-value real estate.
By Doug Elli
ᐧ
Hillwood, the real estate firm founded by Ross Perot and now led by Ross Perot Jr., has made a significant investment by acquiring a massive warehouse leased to Amazon for $106.5 million. This move is part of Hillwood's broader strategy to expand its footprint in the industrial and commercial real estate sectors across North America and Europe. The acquisition of the 1 million-square-foot fulfillment center at 14490 Corporate Road North in Jupiter, Florida, at a rate of $106.50 per square foot, underscores the firm's aggressive pursuit of high-value real estate assets in strategic locations.
This latest acquisition by Hillwood is just one piece of a larger puzzle. The firm has been actively developing and investing in various ambitious projects, including a 410-unit multifamily complex in Dallas and a $50 million interior improvement project for a distribution center leased to Target in Houston. These moves highlight Hillwood's diversified approach to real estate investment and development, focusing not only on industrial spaces but also on residential and commercial projects that promise high returns.
Amazon's expansion in South Florida, with Hillwood's warehouse being its third fulfillment center in Palm Beach County and a fourth in Deerfield Beach, signals a growing demand for distribution centers to support the e-commerce giant's logistics network. This demand is further amplified by Amazon's search for approximately 500,000 square feet of new office space in Miami, indicating a significant investment in the region. Jeff Bezos' recent $237 million investment in waterfront properties in Indian Creek Village adds a personal dimension to Amazon's business expansion, highlighting the region's increasing importance to the company.
The acquisition by Hillwood and Amazon's expansion efforts in South Florida reflect broader trends in the real estate market, where industrial and commercial spaces are in high demand due to the e-commerce boom. This trend is not isolated to South Florida; as seen in the listing of the Bella Terra mall in Huntington Beach for potentially $300 million, there is a nationwide push towards redeveloping and repurposing real estate assets to meet changing market demands. These developments underscore the importance of strategic location and versatility in real estate investments, catering to the needs of major corporations like Amazon.
Finance GPT
beta