Hines Global Income Trust acquired Castings Commerce Center, an industrial property in Columbus, Ohio, for approximately $117 million, excluding transaction costs and closing prorations.
The property contains approximately 862,000 square feet of net rentable space and is 96% leased. Hines purchased the property from an unaffiliated seller.
The acquisition is meaningful relative to Hines Global Income Trust’s existing portfolio. As of August 31, the nontraded REIT held interests in 56 properties encompassing approximately 26.2 million square feet. The overall portfolio was 94% leased and approximately 30% levered based on property valuations.
The REIT reported $6.89 billion in real estate investments at August 31, up from $6.71 billion one month earlier. Its NAV remained $9.83 per share, while aggregate NAV increased to approximately $3.35 billion from $3.33 billion.
