Hines Global Income Trust Buys $102 Million Self-Storage Portfolio
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased a portfolio of five self-storage properties located in and around Nashville.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased a portfolio of five climate-controlled, self-storage properties located in greater Nashville, Tennessee for $102 million, excluding closing costs.
The portfolio consists of more than 3,200 storage units and 341,000 square feet across four locations, including one in urban Nashville, one in Franklin, one in Hendersonville, and two in the Murfreesboro area. The portfolio is 92 percent leased.
“Nashville’s self-storage market is poised for success given the high demand growth and low relative supply pipeline,” said David Lawrence, managing director at Hines. “These properties are market-leading assets in thriving locations, and they are very well positioned to serve customers in these communities over the long-run. With this acquisition, we look forward to continuing to grow Hines’ presence in the greater Nashville market and in the self-storage sector in the years to come.”
Hines Global Income Trust’s portfolio is nearly two-thirds weighted toward the industrial and living sectors and is valued at $3.1 billion.
From inception in August 2014 through June 15, 2022, Hines Global Income Trust raised approximately $2.3 billion in investor equity in its three public offerings and distribution reinvestment plan. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $945.4 million as of June 15, 2022. The real estate portfolio is valued at nearly $3.1 billion, and is nearly two-thirds weighted toward the industrial and living sectors
