CARLSBAD, Calif. – Hines, the Houston-based real estate firm, announced that Hines Global REIT II, Inc. has acquired its first property.
The REIT bought 2819 Loker Avenue East, a Class A industrial building totaling 161,310 square feet in Carlsbad, Calif.
The one-story industrial building was built in 1998 and renovated in 2009. The property is 100 percent leased on a long-term basis to the Acushnet Company, the parent company for golf industry brands such as Titleist and Footjoy. Hines will manage the property on behalf of Hines Global REIT II.
“We were attracted to this property because of the high-quality tenancy, the desirable location and the strength of the golf industry in the submarket,” said Sherri Schugart, president and CEO of Hines Global REIT II.
Hines Senior Managing Director Paul Twardowski noted, “This acquisition provides Hines Global REIT II with an opportunity to take advantage of one of the strongest growth markets in the U.S. The quality of this location and building make 2819 Loker Avenue East a great initial investment for Hines Global REIT II.”
Cassidy Turley represented the seller in the transaction.
Hines Global REIT II is a public, non-listed REIT that commenced operations recently and invests in commercial real estate investments located in the United States and internationally. www.hinessecurities.com.