Hines Global Acquires Silicon Valley Industrial Portfolio
DRA Advisors sold the 417,000-square-foot Advanced Manufacturing Portfolio in Santa Clara for $107.1 million.
September 2, 2020 | Gail Kalinoski | Commercial Property Executive
Hines Global Income Trust, a public, non-listed REIT sponsored by Hines, has acquired the Advanced Manufacturing Portfolio, a massive industrial and manufacturing campus in Santa Clara, Calif. The 417,000-square-foot asset was acquired for $107.1 million from DRA Advisors, according to a filing with the Securities and Exchange Commission.
The AMP, a four-building campus providing light manufacturing and research and development space, is fully leased to 10 tenants. Located in the heart of Silicon Valley, the site provides proximity to major technology tenants as well as a premier high-tech talent pool.
Demand for light manufacturing and R&D space has grown in Silicon Valley in recent years but there is not enough space to meet the demand, said Sam Cheikh, managing director in the Hines Bay Area office, in prepared remarks. Cheikh added that the international real estate firm believes in the long-term supply and demand fundamentals of the product type, which has proven to be resilient to economic downturns.
