The deal marks the seventh investment in the logistics sector within the past year
Hines, the international real estate firm, is pleased to announce that Hines Global Income Trust, Inc. (“Hines Global”) has acquired 900 Patrol Road, a 100%-leased e-commerce fulfillment center just north of downtown Louisville. A centrally located logistics hub, Louisville is home to UPS Worldport, three interstate highways and two class-one railroads.
“This facility benefits from enviable access to large U.S. population centers and the relative scarcity of developable land across the Louisville MSA,” said Will Renner, managing director at Hines. “We see Louisville as a key market for our continued industrial activity across the Midwest, with roughly 100 million people reachable within a nine-hour drive.”
Omar Thowfeek, Hines Global’s managing director of investments, said: “Hines Global continues to be bullish on the industrial sector and welcomes the addition of 900 Patrol Road to our portfolio. This mission-critical e-commerce facility provides us exposure to a large majority of the Midwest, supported by access to major highway arterials and a deep labor pool.”
Hines Global is diversified by geography and real estate asset class, with a focus on resilient sectors and markets. Inclusive of this acquisition, the portfolio currently holds 15 industrial assets, which make up half its overall value of $2 billion. Its industrial allocation spans the United States, Netherlands, United Kingdom, Poland, Germany and Spain.
Hines has been investing and developing in the industrial real estate sector since 1957 with 333 projects in 13 countries. Globally, the firm has acquired 42 million square feet of space and developed 47 million square feet (with 10.9 million square feet of projects currently in design or under development) in the industrial sector.