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Hines Global Income Trust Buys Studio Space in Burbank, California

Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Burbank Media Studios Phase VII and VIII.

Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Burbank Media Studios Phase VII and VIII, which consists of approximately 30,000 square feet of studio space in Burbank, California. The purchase price was approximately $42.5 million, excluding transaction and closing costs.

The property is occupied by Madison Square Garden Entertainment through a long-term two-acre ground lease. The facility is located on Empire Avenue and North Hollywood Lane, and neighbors several entertainment companies including The Walt Disney Company, Warner Brothers, Netflix, Dreamworks, Nickelodeon, Cartoon Network, NBC Universal and others.

“Hines is excited to acquire Burbank Media Studios Phase VII and VIII, because studios are an attractive asset to complement our already strong presence in the region,” said Varun Akula, managing director of the U.S. west region at Hines. “Studios are experiencing a period of rapid growth in demand, due to expanding entertainment investment and, this acquisition is a significant catalyst for our continued growth across the western U.S.”

Omar Thowfeek, Hines Global’s managing director of investments, added, “Content creation led assets are an important real estate type that we will continue to explore for future growth opportunities.”

In other news, Hines Global recently purchased 1315 N. North Branch, a 157,500-square-foot creative office building in the Goose Island submarket of Chicago, for approximately $47 million.

Hines Global Income Trust, which oversees a $2.87 billion real estate portfolio, launched its initial offering in August 2014. From inception through May 13, 2021, the REIT raised approximately $1.9 billion in investor equity in its public offerings and distribution reinvestment plan. Its second follow-on offering launched at the beginning of June 2021 and has raised $497.3 million as of February 11, 2022.

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