Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Waverly Place, a grocery-anchored retail center in Cary, North Carolina, for approximately $88.5 million, excluding transaction and closing costs.
Waverly Place, located in the Research Triangle area of North Carolina, consists of 190,000 square feet of retail space, anchored by Whole Foods Market and Cinébistro, with additional tenants including Shake Shack, Drybar, CorePower Yoga, and others. The property also has 16,000 square feet of office space, as well as other dining options, specialty boutiques, and a dine-in movie theater.
Paul Zarian, managing director at Hines, said, “We plan to build on the existing strong foundation of Waverly Place as a community-focused property through expanding the events program and targeting new key retailers to further diversify the tenant mix…”
Waverly Place marks the REIT’s first investment in the Raleigh-Durham submarket, however, Hines has two development projects in the area. These include Fenton, a 92-acre mixed-use district in Cary with retail, office, restaurants, a hotel, and multifamily; and the expansion of the American Tobacco Campus, a 782,000-square-foot mixed-use project in downtown Durham with two office buildings, a high-rise multifamily building, and retail with amenity shops and restaurants.
“This is [Hines Global Income Trust’s] first acquisition in the area and helps expand our portfolio in a dynamic Raleigh-Durham submarket and presents a strong grocery, food and beverage, and services tenant base,” said Janice Walker, chief operating officer of the REIT. “As Raleigh continues to experience strong population growth and major corporations commit to the market, we believe the asset will be well positioned for continued growth and demand.”
Northwood Retail, an unaffiliated third party, was the seller.
In other company news, Hines Global Income Trust recently declared its May 2022 net asset value per share, as reported by The DI Wire last week.
From inception in August 2014 through June 15, 2022, Hines Global Income Trust raised approximately $2.3 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 $945.4 million as of June 15, 2022. The real estate portfolio is valued at nearly $3.1 billion, and is nearly two-thirds weighted toward the industrial and living sectors