Hines Global Income Trust, Inc. (HGIT) has recently completed the acquisition of IBM 500 Campus, a sprawling property spanning 774,000 square feet located at 4205 South Miami Boulevard in Durham. The terms of the deal have not been disclosed.
This strategic investment by HGIT marks an expansion of its presence in the region and adds further diversity to its impressive $3.9 billion portfolio, with a strong focus on industrial and living sectors which currently make up 63% of their holdings. The campus offers numerous opportunities for future redevelopment and consists of four buildings situated on a vast expanse covering over 146 acres in one of America’s top life science hubs. It is also conveniently located adjacent to Research Triangle Park – the largest research park in the United States – housing over 375 companies specializing in research, technology and ag-bio industries that collectively employ more than sixty thousand workers.
Apart from IBM’s leased space at this campus, Hines’ footprint within Raleigh-Durham market includes Fenton – an expansive mixed-use district spread across ninety-two acres situated within Cary as well as Market District at American Tobacco- another mixed-use development occupying around seven hundred eighty-two thousand square feet right downtown Durham itself! Additionally,HGIT also owns Waverly Place- home to Whole Foods anchored retail center based out Cary.
The article originally appeared on Connect CRE website.
