Hines Global Income Trust, Inc. (Hines Global), a public, non-listed real estate investment trust sponsored by Hines, has acquired a 417,000-square-foot industrial and manufacturing campus in Santa Clara, California.
The advanced manufacturing portfolio is currently 100% leased to 10 tenants and provides a combination of light manufacturing and research and development (R&D) space. Hines said, 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.”
“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.
