Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase the WGN-TV Studios building located at 2501 West Bradley Place in Chicago.
According to a filing with the Securities and Exchange Commission, the purchase price is approximately $30.5 million, excluding closing costs. The closing is expected in the fourth quarter of 2021.
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.
2501 West Bradley Place totals 131,000 square feet and is fully leased to WGN-TV.
“We are thrilled to have the opportunity to add 2501 West Bradley Place to the Hines Global portfolio,” said Will Renner, managing director in Hines’ Chicago office. “Following our approach with the other successful businesses who call Bradley Business Center home, we look forward to furthering the asset’s rich history as home to WGN, one of the longtime go-to news products in the Chicago area.”
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.