(LOS ANGELES) – Hines, the international real estate firm, on behalf of Hines U.S. Property Partners (“HUSPP”) and Hines U.S. Property Recovery Fund (“HUSPRF”), have acquired three strategic deals in Southern California within the last 60 days, including two industrial and logistics assets and one retail redevelopment project.
“We’re extremely excited about the diverse and consolidated investment activity our teams in Southern California have generated within the past two months,” said Paul Twardowski, senior managing director overseeing the Southern California platform at Hines. “We expect to continue to aggressively grow the entire Hines portfolio in 2022 with a range of investment vehicles, partners, product types and strategies.”
Hines U.S. Property Recovery Fund
HUSPRF acquired 3130 S. Fairview Street, in Santa Ana and is a 3.9-acre RV parking and storage site located near the ports of Los Angeles and Long Beach. Acquired through an off-market transaction, Hines plans to reposition the site to accommodate an 82,000-square-foot Class A industrial facility that will support the local demand for warehousing, manufacturing, and R&D space. Expected project completion is mid-2023.
Hines U.S. Property Partners Fund
The second industrial deal was acquired by HUSPP and is located at 14191 Myford Road in Tustin, CA, is a 112,000-square-foot stabilized industrial manufacturing facility located on 7.4 acres and was acquired off market. The building is fully leased to a public pharmaceutical manufacturing company for the next decade. The building is a fully renovated industrial and lab facility with significant outdoor amenities and above market parking capacity.
In the retail sector, Hines continues to expand its retail platform in Southern California with HUSPP’s acquisition of the JCPenney building at Westfield Culver City shopping center. The 203,000-square-foot retail store sits on 2.35 acres in a premier location of Los Angeles near the intersection of the 405 and 90 highways and is an exciting addition to the five retail projects Hines has added to its U.S. west region portfolio over the past year. Hines continues to actively look at retail in major West Coast markets, in great locations with good transit access, from stabilized assets to those needing a full reposition.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.