Hines Global REIT II Invests Nearly $200 Million in Cincinnati Retail
Hines Global REIT II Inc., a publicly registered non-traded real estate investment trust, has acquired Rookwood Pavilion and Rookwood Commons, two contiguous shopping centers that operate as a single property referred to as Rookwood, located in the Midtown submarket of Cincinnati, Ohio. According to a filing with the Securities and Exchange Commission, the purchase price was $190 million, exclusive of transaction costs.
Rookwood consists of 600,071 square feet of gross leasable area that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s, and J. Alexander’s. The property is located approximately five miles northeast of Cincinnati’s central business district.
“We were attracted to Rookwood because it contains an outstanding collection of retailers in an affluent, urban trade area with high barriers to entry,” said Sherri Schugart, president and CEO of Hines Global REIT II. “The center serves shoppers from all over Cincinnati and Northern Kentucky, including over 50,000 students at neighboring University of Cincinnati and Xavier University.”
This acquisition represents Hines Global REIT II’s sixth purchase and is the first retail property in its portfolio.
Hines Global REIT II, sponsored by global real estate firm – Hines, commenced operations in August 2014 and has raised approximately $214 million in investor equity as of the third quarter of 2016, according to Summit Investment Research. The company invests in commercial real estate properties located in the United States and internationally, and owns a portfolio of six properties with a total acquisition cost of approximately $583.6 million.
