Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Miramar Activity Business Center, which consists of five industrial flex buildings in the Miramar submarket of San Diego, California. The purchase price was $40.8 million, excluding transaction costs and closing prorations, according to a filing with the Securities and Exchange Commission.
The 161,000-square-foot complex is located 1 mile from the I-15 in Central San Diego and provides direct access to the majority of the city’s population within 30 minutes, the company said. Miramar Activity Business Center is currently 90 percent leased to 42 tenants.
“Demand for industrial and logistics real estate has continued to grow within this market in recent years, while availability has simultaneously diminished,” the REIT said. “Additionally, recent capital improvements have given the asset a competitive advantage in retaining tenants.”
The deal marks the REIT’s third industrial acquisition in California within the last year.
Hines Global’s $2.3 billion portfolio is 94 percent leased, and including this acquisition, is comprised of 16 industrial assets, which make up half its overall value. Its industrial allocation spans the United States, Netherlands, United Kingdom, Poland, Germany and Spain.
As reported by The DI Wire, Hines Global purchased a 417,000-square-foot industrial and manufacturing campus in Santa Clara, California in September 2020 for $107.1 million. In February 2021, it purchased a single-tenant office, research and development property in Santa Clara, California for $68 million.
Hines Global Income Trust owned 23 real estate investments totaling 11.1 million square feet of space, as of the first quarter of 2021. From inception in August 2014 through May 13, 2021, the REIT raised approximately $1.3 billion in investor equity in its public offerings. The REIT’s second follow-on offering launched at the beginning of June 2021.