Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased The Promenade Shops at Briargate, a 236,500-square-foot outdoor retail center located in Colorado Springs, Colorado, for $93.2 million, excluding closing costs.
The Promenade Shops opened in August 2003 and is 91 percent leased to 53 national specialty retailers and restaurants including Pottery Barn, Anthropologie, the Apple Store, and P.F. Changs.
Hines Global Income Trust, invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014 and its second offering in December 2017.
As of June 30, 2019, Hines Global Income Trust raised $739 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owned a portfolio of 11 properties with a total acquisition cost of approximately $917.7 million as of the second quarter of 2019.