Seeing brisk demand for industrial space, Hillwood Properties is moving forward with construction of Alliance Center North II, a nearly 1 million-square-foot speculative facility, and Gateway 57, a 310,000-square-foot facility.
This is on top of Alliance Center North I, a 1.2 million-square-foot speculative project announced in March. That building has now become a build-to-suit. Hillwood did not disclose the name of the tenant, but real estate sources say the space has been leased by LG Electronics.
This year marks the first year since 2008 that Hillwood has developed speculative space. Mike Berry, president of Hillwood Properties, said the decision to do so was market-driven.
“These new industrial buildings will give us a competitive advantage under current market conditions, and provide our customers with direct proximity to the Alliance Global Logistics Hub,” he said.
Alliance Center North offers 1.5 miles of frontage along Interstate 35-W; Alliance Gateway offers proximity to State Highways 170 and 114, as well as U.S. 377. Construction on both projects will wrap up in June 2014.
Hillwood has been on fire in 2013, inking 4 million square feet of industrial deals to Amazon.com, Wal-Mart.com, Motorola/Flextronics, and Carolina Beverage Group, among others.
