Hines Global Income Trust Acquires Whole Foods-Anchored Property in Raleigh-Durham Market

June 16, 2022

(RALEIGH, NC) – Hines, the glob­al real estate firm, today announced that Hines Glob­al Income Trust (“HGIT”) has acquired Waver­ly Place, a gro­cery-anchored retail cen­ter in Cary, North Car­oli­na, from North­wood Retail.

Waver­ly Place, locat­ed in the Research Tri­an­gle area of North Car­oli­na, con­sists of 190,000 square feet of retail space, anchored by Whole Foods Mar­ket and Cinébistro, with addi­tion­al notable ten­ants includ­ing Shake Shack, Dry­bar, Core­Pow­er Yoga, and more. The prop­er­ty also fea­tures 16,000 square feet of office space, as well as oth­er eclec­tic din­ing options, spe­cial­ty bou­tiques, and a lux­u­ry dine-in movie the­ater concept.

The Tri­an­gle is a key growth mar­ket for Hines, and Waver­ly Place presents the oppor­tu­ni­ty to acquire a core asset with resilient ten­an­cy sur­round­ed by excel­lent demo­graph­ics,” said Paul Zar­i­an, man­ag­ing direc­tor at Hines. We plan to build on the exist­ing strong foun­da­tion of Waver­ly Place as a com­mu­ni­ty-focused prop­er­ty through expand­ing the events pro­gram and tar­get­ing new key retail­ers to fur­ther diver­si­fy the ten­ant mix. Our expe­ri­ence at Fen­ton over the past three years has been pos­i­tive, and the prospect of con­tin­u­ing to invest in Cary was compelling.”

This is HGIT’s first acqui­si­tion in the area and helps expand our port­fo­lio in a dynam­ic Raleigh-Durham sub­mar­ket and presents a strong gro­cery, food and bev­er­age, and ser­vices ten­ant base,” said Jan­ice Walk­er, chief oper­at­ing offi­cer of Hines Glob­al Income Trust. As Raleigh con­tin­ues to expe­ri­ence strong pop­u­la­tion growth and major cor­po­ra­tions com­mit to the mar­ket, we believe the asset will be well posi­tioned for con­tin­ued growth and demand.”

While Waver­ly Place marks HGIT’s first invest­ment in the Raleigh-Durham sub­mar­ket, Hines has two active devel­op­ment projects in the area – Fen­ton, the 92-acre mixed-use dis­trict in Cary, fea­tur­ing retail, office, restau­rants, a hotel, and mul­ti­fam­i­ly, and the expan­sion of the Amer­i­can Tobac­co Cam­pus, the 782,000-square-foot mixed-use project in down­town Durham fea­tur­ing two Hines T3 (Tim­ber, Tran­sit, Exhib­it 99.1 and Tech­nol­o­gy) cre­ative office build­ings, a high-rise mul­ti­fam­i­ly build­ing, and expe­ri­en­tial retail with ameni­ty shops and restaurants.

HGIT is diver­si­fied by geog­ra­phy and real estate sec­tors, with a focus on sta­ble assets with strong longterm income poten­tial. This acqui­si­tion joins a port­fo­lio that is near­ly two-thirds weight­ed toward the indus­tri­al and liv­ing sec­tors and is val­ued at over $3 billion.

About Hines Glob­al Income Trust
HGIT 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 HGIT, 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 285 cities in 28 coun­tries. Hines over­sees invest­ment assets under man­age­ment total­ing approx­i­mate­ly $90.3 bil­lion¹. In addi­tion, Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices to 373 prop­er­ties total­ing 114.2 mil­lion square feet. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,530 prop­er­ties, total­ing over 511 mil­lion square feet. The firm cur­rent­ly has more than 198 devel­op­ments under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a foun­da­tion­al 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 312021.

About Waver­ly Place
Waver­ly Place is an open-air shop­ping, din­ing, and enter­tain­ment des­ti­na­tion for res­i­dents of Cary, Raleigh, and the greater Tri­an­gle. The neigh­bor­hood cen­ter fea­tures award-win­ning ser­vices, shops, and restau­rants. Built with enter­tain­ing in mind, the cen­ter is round­ed out with a com­mu­ni­ty green space, children’s play­ground, water fea­tures, fire pits, a strate­gi­cal­ly placed stage for sea­son­al per­for­mances, and year-round sig­na­ture events. Notable ten­ants include Whole Foods Mar­ket, Shake Shack, Dry­bar, Rocky Moun­tain Choco­late Fac­to­ry, CinéBistro, Gon­za Tacos Y Tequi­la, TASU Asian Bistro, MOD Piz­za, Body­Lase, Amaz­ing Lash Stu­dio, Hand & Stone, and Core­Pow­er Yoga. For more infor­ma­tion, vis­it www​.waver​ly​cary​.com.

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 poten­tial for growth in the Raleigh-Durham mar­ket of North Car­oli­na and growth of and demand for this prop­er­ty, 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 prop­er­ty, risks asso­ci­at­ed with an eco­nom­ic down­turn in the region, and oth­er risks described in the Risk Fac­tors” sec­tion of HGIT’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2021, 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.

Press Contact
Erica Campbell

212 294 9024