Hines Global Income Trust Buys Amazon Fulfillment Center Near Louisville
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 900 Patrol Road, an industrial logistics center located north of downtown Louisville.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 900 Patrol Road, an industrial logistics center located north of downtown Louisville in Jeffersonville, Indiana. The REIT purchased the property from an unaffiliated third party for $99 million, excluding transaction and closing costs, according to a filing with the Securities and Exchange Commission.
While the tenant was not disclosed by Hines, 900 Patrol Road serves as an Amazon fulfillment center, according to the Amazon factory tour website. The fully leased property totals more than one million square feet and marks the REIT’s seventh investment in the logistics sector within the past year.
Louisville, a “centrally located logistics hub,” is home to UPS Worldport, three interstate highways and two class-one railroads.
“This facility benefits from enviable access to large U.S. population centers and the relative scarcity of developable land across the Louisville MSA,” said Will Renner, managing director at Hines. “We see Louisville as a key market for our continued industrial activity across the Midwest, with roughly 100 million people reachable within a nine-hour drive.”
Including this acquisition, the Hines Global portfolio currently has 15 industrial assets, which make up half its overall value of $2 billion. Its industrial allocation spans the United States, Netherlands, United Kingdom, Poland, Germany and Spain.
As of the first quarter of 2021, Hines Global Income Trust owned 23 real estate investments totaling 11.1 million square feet of space. From inception in August 2014 through May 13, 2021, the REIT raised $1.3 billion in investor equity in its public offerings. The company has raised $874.3 million in its current offering, as of mid-May 2021
The REIT registered a $2 billion follow-on offering in early December 2020, and once effective, it will be the third public offering. The anticipated timing is in the second quarter of 2021.
