Hines Global Income Trust Buys San Diego Office Campus for $120 Million
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Liberty Station.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Liberty Station, a low-rise, four-building office campus located in San Diego, for $120 million, excluding transaction and closing costs.
Liberty Station, located in the Old Town/Point Loma submarket, includes approximately 187,000 square feet of space. The property is situated on the waterfront within a 360-acre mixed-use site with access to major employment nodes and the San Diego International Airport. The site includes 100 walkable amenities, 349 residential units, a golf club, retail shops and restaurants, the Liberty Public Market, and 125 acres dedicated to parks and recreation. Liberty Station is currently 93 percent leased.
“We are excited to add this niche office product in an urban, mixed-use community with walkability to restaurants, retail and entertainment to our growing portfolio,” said Eric Hepfer, managing director at Hines. “Liberty Station is a premier office campus in one of San Diego’s most robust submarkets.”
The acquisition joins a $2.7 billion portfolio that is roughly two-thirds weighted toward the industrial and living sectors.
In other news, the REIT recently purchased the Bradley Business Center, a mixed-use campus located in Chicago, for $97.3 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 $402.5 million as of mid-January 2022.
