Hines Global Income Trust Buys Wells Fargo Center Near Portland
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Wells Fargo Center, a 212,000-square-foot single-tenant office property near Portland.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Wells Fargo Center, a 212,000-square-foot single-tenant office property in the Portland suburb of Hillsboro, Oregon. The purchase price was approximately $38.8 million.
The property is fully leased to Wells Fargo, a financial services company, and is situated on 19 acres in Oregon’s “Silicon Forest,” which denotes the cluster of high-tech companies in the greater Portland area. Equidistant to the Intel campus and Nike’s world headquarters, the location is home to both tech and life-science tenants. The site is also adjacent to Oregon Health and Science University’s life science campus, which has the largest life science footprint in the state.
“The acquisition expands our portfolio by establishing a presence in the Portland area,” said Omar Thowfeek, the REIT’s managing director of investments. “As the ‘Silicon Forest’ market matures, we believe the asset will be well-positioned for continued growth and demand.”
The REIT’s portfolio is nearly two-thirds weighted toward the industrial and living sectors and is valued at $2.9 billion.
In other company news, Hines Global recently purchased purchased several plots of undeveloped land totaling approximately 585,000 square feet in Madrid, Spain for approximately $25.3 million.
From inception in August 2014 through April 15, 2022, Hines Global Income Trust raised approximately $2.1 billion in investor equity in its three public offerings and distribution reinvestment plan. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $730.8 million as of April 15, 2022.
