Hines Global Income Trust Acquires Miramar Activity Business Center in San Diego

This deal represents its third industrial acquisition in California within the last year

(SAN DIEGO) – Hines, the inter­na­tion­al real estate firm, is pleased to announce that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired Mira­mar Activ­i­ty Busi­ness Cen­ter, which con­sists of five indus­tri­al flex build­ings in the Mira­mar sub­mar­ket of San Diego.

The 161,000-square-foot com­plex is sit­u­at­ed 1 mile from the I‑15 in Cen­tral San Diego. This loca­tion is advan­ta­geous for ten­ants who need to be well posi­tioned geo­graph­i­cal­ly in the mar­ket since it pro­vides direct access to the major­i­ty of the city’s pop­u­la­tion with­in 30 min­utes. Demand for indus­tri­al and logis­tics real estate has con­tin­ued to grow with­in this mar­ket in recent years, while avail­abil­i­ty has simul­ta­ne­ous­ly dimin­ished. Addi­tion­al­ly, recent cap­i­tal improve­ments have giv­en the asset a com­pet­i­tive advan­tage in retain­ing tenants.

“San Diego is prov­ing to be an impor­tant and grow­ing mar­ket for indus­tri­al ten­ants,” said Eric Hep­fer, man­ag­ing direc­tor in the Hines San Diego Office. ​“We are excit­ed to be clos­ing anoth­er indus­tri­al acqui­si­tion in the San Diego mar­ket. Mira­mar Activ­i­ty Busi­ness Cen­ter is a best-in-class busi­ness park in one of San Diego’s most robust submarkets.”

Omar Thowfeek, man­ag­ing direc­tor, invest­ments of Hines Glob­al added, ​“The area’s siz­able labor pool for flex and dis­tri­b­u­tion-focused ware­house space, com­bined with the prime loca­tion, make Mira­mar Activ­i­ty Busi­ness Cen­ter a strong long-term invest­ment and sol­id addi­tion to the exist­ing Hines Glob­al portfolio.”

Hines Glob­al is diver­si­fied by geog­ra­phy and real estate asset class, with a focus on strate­gic sec­tors and mar­kets. Its $2.3 bil­lion port­fo­lio is 94% leased. With this acqui­si­tion, the port­fo­lio holds 16 indus­tri­al assets, which make up half its over­all val­ue. Its indus­tri­al allo­ca­tion spans the Unit­ed States, Nether­lands, Unit­ed King­dom, Poland, Ger­many and Spain.

Hines has been invest­ing and devel­op­ing in the indus­tri­al real estate sec­tor since 1957 with more than 330 projects in 13 coun­tries. Glob­al­ly, the firm has acquired 42 mil­lion square feet of space and devel­oped 47 mil­lion square feet (with 10.9 mil­lion square feet of projects cur­rent­ly in design or under devel­op­ment) in the indus­tri­al 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. For addi­tion­al infor­ma­tion about Hines Glob­al, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 240 cities in 27 coun­tries. Hines over­sees a port­fo­lio of assets under man­age­ment val­ued at approx­i­mate­ly $160.9 bil­lion¹, includ­ing $81.7 bil­lion in assets under man­age­ment for which Hines serves as invest­ment man­ag­er, and $79.2 bil­lion rep­re­sent­ing more than 172.9 mil­lion square feet of assets for which Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,450 prop­er­ties, total­ing over 485 mil­lion square feet. The firm has more than 180 devel­op­ments cur­rent­ly under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a pio­neer­ing com­mit­ment to ESG, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it www​.hines​.com for more information.

¹In­cludes both the glob­al Hines orga­ni­za­tion as well as RIA AUM as of Decem­ber 31, 2020.

For­ward-Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, the val­ue to be gen­er­at­ed by the busi­ness cen­ter, future expan­sion of Hines Global’s world­wide logis­tics port­fo­lio, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the busi­ness cen­ter, the ten­ant remain­ing com­mit­ted to its lease oblig­a­tions and con­tin­u­ing to pay rent in a time­ly man­ner and oth­er risks described in the ​“Risk Fac­tors” sec­tion of Hines Glob­al’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2020, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.