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Hines Global Income Trust Pays $566M for LA, Houston Mixed-Use Assets
Hines Global Income Trust, Inc. (HGIT) has acquired two mixed-use assets for more than $565 million. They include Runway, a 94% leased, 630,000-square-foot, 420-unit residential and retail asset in Los Angeles’ Playa Vista neighborhood for $428.1 million; and Montrose Collective, a 100% leased, 189,000-square-foot retail asset and workspace in Houston’s Montrose submarket for $137.5 million.
“These acquisitions reflect our conviction in the long-term strength of the living and retail sectors, and our commitment to deploying capital into high-performing, mixed-use environments that align with our growth strategy,” said Alfonso Munk, co-head of investment management at Hines. “Runway and Montrose Collective represent cornerstone investments for HGIT, each distinguished by exceptional occupancy and strategic locations in two dynamic submarkets.”
Brett Norton, Eric Hepfer and Tom Lawless, members of Hines’ U.S. West team, led the Runway acquisition. The seller, reported by Bloomberg News as Invesco Real Estate, was represented by Blake Rogers of JLL. John Mooz and Ashley Prasse-Freeman of Hines’ U.S. Sunbelt team led the Montrose Collective acquisition.
- ◦Sale/Acquisition
