Hines Global Income Trust Buys Office Property Near Los Angeles
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Waypoint, a multi-tenant office building located in Torrance, California.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Waypoint, a multi-tenant office building located in the Los Angeles suburb of Torrance, California, for approximately $42.5 million, according to a filing with the Securities and Exchange Commission.
According to CBRE Capital Markets, Waypoint is a 145,000-square-foot, three-building research and development, office, and medical campus located in the Torrance South Bay submarket at the intersection of two thoroughfares, Torrance Boulevard and Western Avenue.
Built in 1985 and renovated in 2019, the Class B property sits on 7.6 acres, totals approximately 145,000 square feet, and is 95 percent leased to 13 tenants.
In other acquisition news, Hines Global Income Trust recently purchased WGN-TV Studios, a news studio building in Chicago, for $30.5 million.
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.
