**Hines Global Income Trust Acquires Montrose Collective for $137.6M**
Hines Global Income Trust has acquired Montrose Collective, a 189,000-square-foot mixed-use high-rise located in Houston. The property, developed by Radom Capital in partnership with JP Morgan, was completed in 2022 and is currently 100% leased. Radom Capital served as the seller in the transaction.
The acquisition price of $137.6 million translates to approximately $727 per square foot, a figure reported as a record for the Houston market.
Situated at 888 Westheimer Road, Montrose Collective consists of approximately 100,000 square feet of office space, 50,000 square feet of retail space, and 10,000 square feet of library facilities, distributed across several buildings. Groundbreaking for the project began in February 2020.
In related news, Radom Capital recently broke ground on its first ground-up multifamily development, Clock Tower Residences. This project will serve as the residential component of the Heights Clock Tower adaptive reuse development.
