(EDITOR’S NOTE: According to a source familiar with the transaction, Hines acquired the asset for more than $107 million. The buildings are located at 3508-3510, 3520-3530, 3540-3538 and 3550-3580 Bassett Street. Cushman and Wakefield’s Capital Markets team, including Adam Lasoff, Steve Hermann, Eric Fox, Seth Siegel and Ryan Venezia brokered the deal.)
SANTA CLARA, CA – Hines, the international real estate firm, announced today that Hines Global Income Trust, Inc. (“Hines Global”) has acquired the Advanced Manufacturing Portfolio (“AMP”), a 417,000-square-foot industrial and manufacturing campus, in Santa Clara, California.
The AMP is currently 100% leased to 10 tenants and provides a combination of light manufacturing and research and development (“R&D”) 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 million square feet of space and developed 45 million square feet (with 8 million square feet of projects currently in design or under development) in the sector.
About Hines Global
Hines Global is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.