Canadian investor buys Amazon fulfillment center at Alliance
11/14/2013 3:43 PM
11/14/2013 3:44 PM
Hillwood Development Co. has sold the recently opened Amazon.com fulfillment center at Alliance to Bentall Kennedy, a Canadian-based real estate investment advisory firm, on behalf of one of its institutional investors.
Amazon.com signed a 15-year lease in December for the property, which opened in mid-August. The 1.1-million-square-foot facility is along Westport Parkway in the Haslet section of the sprawling development in far north Fort Worth. The center is expected to create 1,000 jobs.
According to deed records, Bentall Kennedy put the 68-acre property under contract Sept. 5 and the deal closed Nov. 8. Terms were not disclosed.
Bentall Kennedy advises pension funds, insurers and other institutional investors. Its U.S. clients include the Dallas Police and Fire Pension Fund, the California Public Employees’ Retirement System and the New York State Teachers’ Retirement System.
Hillwood officials could not be reached for comment.
“We think there’s a real opportunity in distribution warehouse and fulfillment centers,” Gary Whitelaw, Bentall Kennedy’s chief executive, told The Globe and Mail newspaper in Toronto. “We think there will be a whole series of opportunities, certainly not all a million square feet, but at different sizes and different levels of proximity to the consumer.”
Bentall Kennedy has an office in Seattle, where Amazon.com has its headquarters.
Bentall started as a small construction company in 1911 and evolved into the largest Canadian-based real estate advisory and services organization, according to its website. Kennedy Associates started in 1978 and grew into America’s largest independent real estate adviser.
The two companies merged in 2006.
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