Hines U.S. Property Partners, the flagship commingled U.S. core-plus fund from Hines, announced that it secured $73.6 million in financing for the acquisition of four fully stabilized industrial assets located in Fremont, Calif.; Houston; Gouldsboro, Penn.; and Tampa, Fla., on behalf of Hines.
JLL represented the borrower.
Half of the portfolio has recently delivered 2022–2023 construction, while the other half has undergone extensive capital expenditures and remodels, resulting in little to no near-term expenditures for Hines. The properties sit in robust industrial parks surrounded by highly trafficked roads (ranging from 40,000–272,000 vehicles per day) and national tenants such as Coca-Cola, Tesla, Sysco, Costco and Americold.
The five-building portfolio is fully occupied by 10 long-standing manufacturing and distribution tenants. All properties are located in high-growth markets, with local resident bases averaging 1.9 million residents within a 30-minu
