Home Alts News Hines Global Income Trust Acquires $67 Million Ohio Logistics Center

Hines Global Income Trust Acquires $67 Million Ohio Logistics Center

Hines Global Income Trust Inc. has acquired the I-70 Logistics Center located at 9157 Mink Street SW in Columbus, Ohio, a distribution center that is 100% leased to a third-party logistics provider. The contract purchase price for the facility was approximately $67.1 million, exclusive of transaction costs and closing prorations.

Currently, HGIT has a $3.9 billion portfolio of commercial real estate investments that is more than 63% weighted toward the industrial and living sectors.

The Class A, 700,000-square-foot logistics center, completed this year, features 40-foot clear heights, advanced robotics, ample car and trailer parking and dual corner office buildouts. It is located near two of the largest U.S. rail providers.

“I-70 Logistics Center’s strategic location in a strong submarket, supported by access to major highway arterials and a deep labor pool, makes it an attractive investment for HGIT,” said Alfonso Munk, Hines’ chief investment officer of the Americas and president of HGIT. “Adding this Class A logistics product to our portfolio, which is well-positioned for continued growth, bolsters our portfolio in the Midwest and showcases our disciplined investment strategy.”

As of June 30, 2023, Hines Global Income Trust owned direct real estate investments in 39 properties totaling 16.6 million square feet that were 95% leased. The company launched its third public offering of up to $2.5 billion in shares of its common stock on June 2, 2021, through which it is offering up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. As of June 30, 2023, the company had received gross offering proceeds of approximately $3.0 billion from the sale of 289.1 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.

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