Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased the Advanced Manufacturing Portfolio, a 417,000-square-foot industrial and manufacturing campus, in Santa Clara, California.
The purchase price was $107.1 million, excluding transaction and closing costs, according to a filing with the Securities and Exchange Commission. The seller was DRA Advisors, an unaffiliated third party.
The four-building portfolio is currently 100 percent leased to 10 technology tenants and provides a combination of light manufacturing and research and development space.
“We’re excited to further diversify our global portfolio and provide our investors with exposure to a well-located, strategic asset in the dynamic Silicon Valley market,” said Janice Walker, chief operating officer of Hines Global Income Trust. “This is our third industrial and logistics closing in the past 90 days, and we continue to actively seek opportunities in the space.”
Hines Global Income Trust invests in commercial real estate properties and other real estate investments throughout the United States and internationally. The REIT launched its initial public offering in August 2014 and its second offering in December 2017.
As of June 30, 2020, the company owned 18 properties totaling 8.9 million square feet that were 95 percent leased. The REIT has raised $1.1 billion from the sale of 104.5 million shares through its public offerings, including shares issued through its distribution reinvestment plan.