Hillwood Development Company

Hillwood Development Company
Name	Hillwood Development Company
Type	Private
Industry	Real estate development
Founded	1988
Founder	Ross Perot Jr.
Headquarters	Fort Worth, Texas
Key people	Ross Perot Jr., Michael Vallone
Products	Industrial parks, mixed-use communities, logistics centers
Parent	Perot Companies

Hillwood Development Company

Hillwood Development Company is an American real estate development firm founded in 1988 by Ross Perot Jr. that specializes in large-scale industrial, logistics, and mixed-use projects across the United States. The company is headquartered in Fort Worth, Texas, and is known for developing master-planned industrial parks, public-private partnership projects, and runway-adjacent commercial districts. Hillwood has played roles in major transactions involving Prologis, Amazon, FedEx, United States Department of Defense, and numerous municipal governments such as City of Dallas and City of Fort Worth.

History

Hillwood was established in 1988 by Ross Perot Jr., scion of the Perot family and veteran of projects associated with Perot Systems and EDS. Early work involved industrial land assemblage near Dallas/Fort Worth International Airport and collaborations with regional institutions including Tarrant County and Dallas County. During the 1990s Hillwood expanded into logistics development amid demand from firms like FedEx Express, DHL, and UPS. In the 2000s Hillwood undertook high-profile projects tied to federal initiatives including partnerships with the United States Air Force and the United States Army Corps of Engineers for readiness and infrastructure programs. The 2010s and 2020s saw Hillwood deepen relationships with global corporations such as Amazon, Toyota, and logistics REITs including Prologis and Blackstone Group affiliates.

Major Developments and Projects

Hillwood’s signature projects include master-planned developments adjacent to major aviation hubs like Dallas/Fort Worth International Airport and Dallas Love Field. Notable master-planned industrial parks were developed with landowners, municipal planning agencies such as the City of Coppell, and private equity partners like KKR and Brookfield Asset Management. Hillwood’s mixed-use work has intersected with projects in proximity to cultural institutions such as Perot Museum of Nature and Science and transit corridors tied to Dallas Area Rapid Transit and Fort Worth Transportation Authority initiatives. Logistics centers have been built for tenants including Amazon, FedEx, XPO Logistics, and UPS with financing structures drawing in institutions like Goldman Sachs, J.P. Morgan Chase, and Wells Fargo. Hillwood’s aviation-adjacent developments link to projects at Joint Base Lewis–McChord and other military installations through defense contracting relationships.

Business Model and Operations

Hillwood operates by assembling large tracts of land, securing entitlements with municipal planning departments like those of City of Fort Worth and City of Dallas, and delivering shovel-ready industrial and mixed-use parcels to corporate tenants and institutional investors. The firm utilizes joint ventures with private equity firms including Blackstone Group and KKR and leverages capital markets participants such as Goldman Sachs and BlackRock. Hillwood provides master planning, infrastructure development, site construction, and tenant buildouts for companies ranging from Amazon to Lockheed Martin and coordinates with transportation agencies like Federal Aviation Administration and U.S. Customs and Border Protection for logistics integration. The company’s operations intersect with municipal incentives boards, economic development corporations such as Economic Development Partnership of North Central Texas, and workforce development programs tied to Tarrant County College and Dallas College.

Notable Properties and Tenants

Hillwood’s portfolio has housed major tenants including Amazon, FedEx, Toyota, XPO Logistics, CBRE, and defense contractors such as Lockheed Martin and Raytheon Technologies. Properties include large industrial campuses near Dallas/Fort Worth International Airport, mixed-use districts adjacent to Grapevine Mills retail corridors, and logistics parks that service freight corridors connecting to Port of Houston and intermodal hubs served by Union Pacific Railroad and BNSF Railway. Hillwood developments often neighbor academic and cultural sites like Southern Methodist University, Texas Christian University, and the Perot Museum of Nature and Science.

Partnerships and Joint Ventures

Hillwood routinely forms joint ventures with institutional partners including Blackstone Group, KKR, Goldman Sachs, and Brookfield Asset Management. Public-private collaborations have involved municipal governments such as the City of Fort Worth and state entities including the Texas Department of Transportation. Strategic tenant partnerships have included Amazon and logistics operators like FedEx and XPO Logistics, and defense-related collaborations have connected Hillwood to federal agencies such as the United States Department of Defense and General Services Administration. Development finance partners have included Wells Fargo, J.P. Morgan Chase, and Bank of America.

Financial Performance and Ownership

Hillwood is privately held within the Perot Companies family of businesses with principal leadership from Ross Perot Jr.. Financial performance is driven by land sales, lease revenue from industrial tenants, and joint venture asset management fees paid by partners including Blackstone Group and KKR. Capital raising strategies have engaged institutional investors such as BlackRock and sovereign wealth funds that participate in logistics real estate allocations managed by Hillwood joint ventures. The company’s transactions have intersected with public market REIT activity involving firms like Prologis and private capital exits executed with private equity firms.

Controversies and Community Impact

Hillwood’s developments have prompted debates among local stakeholders including municipal officials from City of Arlington, City of Irving, and neighborhood groups near Dallas/Fort Worth International Airport over land use, traffic impacts on corridors like Interstate 635, and incentives provided by economic development corporations. Environmental and community concerns have been raised with state agencies such as the Texas Commission on Environmental Quality and regional planners at the North Central Texas Council of Governments regarding stormwater management and habitat impacts. Hillwood has engaged in community mitigation through workforce training partnerships with institutions such as Tarrant County College and civic philanthropy tied to the Perot Museum of Nature and Science and other cultural organizations.

Category:Real estate companies of the United States