Hines Global Income Trust Sells 2819 Loker Avenue East
(HOUSÂTON) – Hines, the interÂnaÂtionÂal real estate firm, today announced the sale of 2819 LokÂer Avenue East to BLT EnterÂprisÂes out of Los AngeÂles for more than $38 million.
In 2014, Hines GlobÂal Income Trust, Inc. (forÂmerÂly Hines GlobÂal REIT II, Inc.) purÂchased 2819 LokÂer Avenue East—it’s first acquisition—for $25.4 milÂlion. The one-stoÂry Class A indusÂtriÂal buildÂing totals 161,310 square feet in CarlsÂbad, CalÂiÂforÂnia. The propÂerÂty is 100 perÂcent leased to the AcushÂnet ComÂpaÂny, the parÂent comÂpaÂny for golf indusÂtry brands such as Titleist and FootJoy. AcushÂnet recentÂly reafÂfirmed their comÂmitÂment to the propÂerÂty by exeÂcutÂing a 10-year lease renewal.
SherÂri Schugart, PresÂiÂdent and Chief ExecÂuÂtive OffiÂcer of Hines GlobÂal Income Trust, said, ​“2819 LokÂer Avenue East has been a solÂid investÂment for Hines GlobÂal Income Trust. Our local San Diego team was sucÂcessÂful in exeÂcutÂing our leasÂing stratÂeÂgy and givÂen strong demand from the capÂiÂtal marÂkets for propÂerÂties of this proÂfile, we believe it was a smart time to make this disÂpoÂsiÂtion and lock in gains for our investors.”
Hines DirecÂtor Eric HepÂfer added, ​“The sale of 2819 LokÂer Avenue East repÂreÂsents an excelÂlent outÂcome for our investors, and a sucÂcessÂful conÂcluÂsion to Hines’ first indusÂtriÂal acquiÂsiÂtion in the San Diego area.”
Hines GlobÂal Income Trust is a pubÂlic, non-tradÂed real estate investÂment trust sponÂsored by Hines that owns interÂests in the UnitÂed States and interÂnaÂtionÂalÂly. For addiÂtionÂal inforÂmaÂtion about Hines GlobÂal Income Trust, visÂit www​.hinesse​cu​ri​ties​.com.
Hines is a priÂvateÂly owned globÂal real estate investÂment firm foundÂed in 1957 with a presÂence in 201 cities in 24 counÂtries. Hines has approxÂiÂmateÂly $111 bilÂlion of assets under manÂageÂment, includÂing $60 bilÂlion for which Hines proÂvides fiduÂciaÂry investÂment manÂageÂment serÂvices, and $51 bilÂlion for which Hines proÂvides third-parÂty propÂerÂty-levÂel serÂvices. The firm has 108 develÂopÂments curÂrentÂly underÂway around the world. HisÂtorÂiÂcalÂly, Hines has develÂoped, redeÂvelÂoped or acquired 1,295 propÂerÂties, totalÂing over 422 milÂlion square feet. The firm’s curÂrent propÂerÂty and asset manÂageÂment portÂfoÂlio includes 506 propÂerÂties, repÂreÂsentÂing over 210 milÂlion square feet. With extenÂsive expeÂriÂence in investÂments across the risk specÂtrum and all propÂerÂty types, and a pioÂneerÂing comÂmitÂment to susÂtainÂabilÂiÂty, Hines is one of the largest and most-respectÂed real estate orgaÂniÂzaÂtions in the world. VisÂit www​.hines​.com for more information.
Hines
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