Hines Global Income Trust has acquired Miramar Activity Business Center, comprising 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.
Hines said this deal represents its third industrial acquisition in California within the last year.
“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 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.”