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9/02/20
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Hines Global Income Trust Inc has acquired the Advanced Manufacturing Portfolio, a 417k sf industrial and manufacturing campus in Santa Clara. The price was not disclosed, although industry sources suggest it went for between $105 mil to $110 mil.
The portfolio is currently 100% leased to 10 tenants and pro¬vides a combination of light manufacturing and research and development space. The four-building campus provides mission-critical space for tenants with business in the technology industry. The strategic location in the heart of Silicon Valley provides proximity to major technology tenants, as well as the premier high-tech talent pool.
The transaction increases Hines Global's industrial presence worldwide. “We're excited to further diversify our global portfolio and provide our investors with exposure to a well-located, strategic asset in the dynamic Silicon Valley market,” said Janice Walker, Chief Operating Officer of Hines Global Income Trust. “This is our third industrial and logistics closing in the past 90 days, and we continue to actively seek opportunities in the space.”
Demand for this type of space in Silicon Valley has continued to grow in recent years, while availability has simultaneously diminished. “We believe in the long term supply/demand fundamentals of this product type, which have proven to be resilient to the economic downturn,” said Sam Cheikh, managing director in the Hines Bay Area Office.
Hines has been investing and developing in the industrial real estate sector since 1957 with a global track record of 314 projects in 12 countries. Globally, the firm has acquired 38 msf of space and developed 45 msf (with 8 msf of projects currently in design or under development) in the sector.
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