Hines Global Income Trust Buys Chicago Mixed-Use Campus
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased the first of four buildings in the Bradley Business Center.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased the first of four buildings in the Bradley Business Center, a 23-acre mixed-use campus located in the North Center submarket of Chicago.
According to a filing with the Securities and Exchange Commission, the net purchase price of the Bradley Business Center is expected to be approximately $97.3 million excluding closing costs. Hines Global purchased 2500 West Bradley Place and the remaining acquisitions are expected to close “in the near future.”
The campus is comprised of four buildings totaling 467,000 square feet. The property is 97 percent leased to 21 tenants that use the property for medical office, industrial and recreation, among others.
“These facilities benefit from a diverse mix of tenants who have a long track record of successfully serving local and regional demand,” said Matt Bailey, director at Hines.
In other Hines Global news, the REIT recently declared its net asset value per share for October 2021.
From inception in August 2014 through May 13, 2021, Hines Global Income Trust raised approximately $1.3 billion in investor equity in its public offerings. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $245.2 million as of mid-November 2021. Hines Global’s portfolio was valued at $2.41 billion as of October 2021.
