Illinois-based investor takes Lewisville business park

An Illinois investor has snapped up a new Lewisville business park. CenterPoint Properties purchased the four-building Bison Grove Business Park. The industrial campus is north of DFW International Airport on Spinks Road.

Buildings in the business park total almost 900,000 square feet and are 78 percent leased. Earlier this year, Hilti Group leased two of the buildings totaling 485,000 square feet for distribution and offices space.

Houston-based developer Hines built the industrial properties.

“We’ve been working diligently to continue our expansion into D-FW over the past few years, so we’re thrilled to add these assets to our portfolio,” Rives Nolen, CenterPoint’s senior vice president, said in a prepared statement.

CenterPoint plans to add speculative office space to the vacant building space to help lure tenants to the project.

Stream Realty Partners is leasing the property. Randy Baird of CBRE Group brokered the purchase. Terms of the transaction were not disclosed.

Bison Grove is just one of several industrial parks Hines has developed in North Texas. And the firm has other projects in the works.

“We look forward to expanding our industrial and logistics platform in Dallas,” said Palmer Letzerich, Hines’ senior managing director.

CenterPoint purchased its first Dallas-area industrial property in December, a new warehouse building in Irving. The company also has a large industrial building south of Dallas in Wilmer. CenterPoint also has properties in the Austin and Houston areas.