Sales  ·  Industrial

Hillwood Lands Acquisition Financing for Amazon Facility in South Florida

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About a month after purchasing a giant warehouse in Jupiter, Fla., leased to Amazon (AMZN), Hillwood has now secured a $70 million acquisition loan from the New York State Teachers' Retirement System, property records show.

Hillwood — the real estate firm of the late 1992 presidential candidate Ross Perot, now led by his son Ross Perot Jr. — paid $106.5 million for the 1 million-square-foot distribution center. Located at 14490 Corporate Road North, just north of the Beeline Highway, the property features 986,675 square feet of warehouse space and 13,775 of office space. 

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In 2020, the seller — SunTrust Equity Funding, an affiliate of Truist Financial — paid $21.8 million for 100 acres within the Palm Beach Park of Commerce, where Amazon built the fulfillment center, The Real Deal reported

Completed a year later, the warehouse marked Amazon’s third fulfillment center in South Florida. The e-commerce giant has since added a fourth in Deerfield Beach. 

The sale appears to be Hillwood’s first industrial purchase in South Florida. The Dallas-based firm owns a 714,277-square-foot warehouse in Daytona Beach, and is the master developer of AllianceFlorida at Cecil Commerce Center industrial park in Jacksonville.

A representative for Hillwood did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.