Hines Global Income Trust Buys Office R&D Property in Silicon Valley
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 5301 Patrick Henry Drive.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 5301 Patrick Henry Drive, a single-tenant office, research and development property located in Santa Clara, California, for $68 million, excluding closing costs.
The one-story, 129,200-square-foot building is located in the center of Silicon Valley, a hub of high-tech innovation and development. Situated on nearly seven acres, the property was built in 1982 and renovated in 2015.
In July 2015, The Mercury News reported that Apple quietly secured a lease on the entire property, citing sources familiar with the transaction, as Apple insisted on keeping the deal “private and confidential.”
The transaction represents Hines Global’s second recent acquisition in Santa Clara, following the September 2020 purchase of the Advanced Manufacturing Portfolio, a 417,000-square-foot industrial and manufacturing campus.
Hines Global Income Trust owned 20 real estate investments totaling 9.5 million square feet of space, as of September 30, 2020. From inception in August 2014 through November 30, 2020, the REIT raised $1.1 billion in investor equity in its public offerings. The company has raised $761.4 million in its current offering.
