Hines Global Income Trust Sells 2819 Loker Avenue East

(HOUS­TON) – Hines, the inter­na­tion­al real estate firm, today announced the sale of 2819 Lok­er Avenue East to BLT Enter­pris­es out of Los Ange­les for more than $38 million.

In 2014, Hines Glob­al Income Trust, Inc. (for­mer­ly Hines Glob­al REIT II, Inc.) pur­chased 2819 Lok­er Avenue East—it’s first acquisition—for $25.4 mil­lion. The one-sto­ry Class A indus­tri­al build­ing totals 161,310 square feet in Carls­bad, Cal­i­for­nia. The prop­er­ty is 100 per­cent leased to the Acush­net Com­pa­ny, the par­ent com­pa­ny for golf indus­try brands such as Titleist and FootJoy. Acush­net recent­ly reaf­firmed their com­mit­ment to the prop­er­ty by exe­cut­ing a 10-year lease renewal.

Sher­ri Schugart, Pres­i­dent and Chief Exec­u­tive Offi­cer of Hines Glob­al Income Trust, said, ​“2819 Lok­er Avenue East has been a sol­id invest­ment for Hines Glob­al Income Trust. Our local San Diego team was suc­cess­ful in exe­cut­ing our leas­ing strat­e­gy and giv­en strong demand from the cap­i­tal mar­kets for prop­er­ties of this pro­file, we believe it was a smart time to make this dis­po­si­tion and lock in gains for our investors.”

Hines Direc­tor Eric Hep­fer added, ​“The sale of 2819 Lok­er Avenue East rep­re­sents an excel­lent out­come for our investors, and a suc­cess­ful con­clu­sion to Hines’ first indus­tri­al acqui­si­tion in the San Diego area.”

Hines Glob­al Income Trust is a pub­lic, non-trad­ed real estate invest­ment trust spon­sored by Hines that owns inter­ests in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about Hines Glob­al Income Trust, vis­it www​.hinesse​cu​ri​ties​.com.

Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 201 cities in 24 coun­tries. Hines has approx­i­mate­ly $111 bil­lion of assets under man­age­ment, includ­ing $60 bil­lion for which Hines pro­vides fidu­cia­ry invest­ment man­age­ment ser­vices, and $51 bil­lion for which Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices. The firm has 108 devel­op­ments cur­rent­ly under­way around the world. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired 1,295 prop­er­ties, total­ing over 422 mil­lion square feet. The firm’s cur­rent prop­er­ty and asset man­age­ment port­fo­lio includes 506 prop­er­ties, rep­re­sent­ing over 210 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. Vis­it www​.hines​.com for more information.