Home Alts News Hines Global Income Trust Sells California Industrial Property for $38 Million

Hines Global Income Trust Sells California Industrial Property for $38 Million

Hines Global Income Trust, a publicly registered non-traded real estate investment trust former known as Hines Global REIT II Inc., has sold 2819 Loker Avenue East, a single-story Class A industrial building in the San Diego suburb of Carlsbad, California, for $38.3 million. Los-Angeles-based BLT Enterprises was the buyer.

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Hines Global Income Trust, a publicly registered non-traded real estate investment trust former known as Hines Global REIT II Inc., has sold 2819 Loker Avenue East, a single-story Class A industrial building in Carlsbad, California near San Diego, for $38.3 million. Los-Angeles-based BLT Enterprises was the buyer.

2819 Loker Avenue East, the REIT’s first property, was originally purchased in December 2014 for $25.4 million. The 161,000-square-foot property is 100 percent leased to the Acushnet Company, the parent company for golf industry brands such as Titleist and Footjoy. Acushnet recently signed a 10-year lease renewal.

“2819 Loker Avenue East has been a solid investment for Hines Global Income Trust,” said Sherri Schugart, president and chief executive officer of Hines Global Income Trust. “Our local San Diego team was successful in executing our leasing strategy and given strong demand from the capital markets for properties of this profile, we believe it was a smart time to make this disposition and lock in gains for our investors.”

Hines Global Income Trust’s initial public offering was declared effective by the SEC in August 2014 and raised $405.8 million in investor equity, as of the fourth quarter 2017. The company owns a portfolio of eight properties with a total acquisition cost of approximately $495 million. The company suspended its offering in September 2017 to register its follow-on as a perpetual life REIT.

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