Hines Global Income Trust Sells Amazon Distro Facility to Publicly Traded REIT
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has sold Goodyear Crossing II, a Class A industrial warehouse located in the Goodyear submarket of Phoenix, Arizona.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has sold Goodyear Crossing II, a Class A industrial warehouse located in the Goodyear submarket of Phoenix, Arizona.
Industrial Logistics Properties Trust (NASDAQ: ILPT), a publicly traded REIT, purchased the property for $72 million excluding transaction costs and closing prorations. Goodyear Crossing II is fully leased to online retailer Amazon.com, which utilizes the property as a distribution facility.
Hines Global Income Trust originally purchased the 820,400-square-foot property in August 2016 for $56.2 million.
Hines Global Income Trust, which invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014 and its second offering in December 2017. As of November 13, 2019, Hines Global Income Trust raised $842.3 million through its public offerings, including shares issued through its distribution reinvestment plan. As of the third quarter of 2019, the REIT owned direct real estate investments in 15 properties totaling 8.5 million square feet that were 96 percent leased.
