Hines Global Income Trust Buys WGN-TV Studios in Chicago
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, buys the WGN-TV Studios building located at 2501 West Bradley Place in Chicago.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased WGN-TV Studios, a news studio building located at 2501 West Bradley Place in Chicago.
According to a filing with the Securities and Exchange Commission, the purchase price was approximately $30.5 million, excluding closing costs. The property totals 131,000 square feet and is fully leased to WGN-TV.
The deal follows Hines Global’s recent acquisition of the first of four buildings in Bradley Business Center, a 97 percent leased, 23-acre mixed-use campus located across the street from the WGN property.
“WGN Studios is a great complement to our recent acquisition of Bradley Business Center, and we are excited to increase our exposure among media and content-based tenants,” said Omar Thowfeek, a Hines managing director.
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 $245.2 million as of mid-November 2021. Hines Global’s portfolio was valued at $2.41 billion as of October 2021.
