Hines Global Income Trust Acquires Pair of Midwest Properties for a Combined $354M
Hines Global Income Trust Inc., or HGIT, a publicly registered non-traded real estate investment trust sponsored by Hines, has completed the acquisition of two Midwest assets: a Class A multifamily tower in Chicago for $151 million, and a premier retail center near Indianapolis for $203 million. Both purchase prices are exclusive of transaction costs and closing prorations.
These additions have increased HGIT’s gross asset value to more than $6 billion. More than three-fourths of the portfolio’s gross asset value is now invested in the living, retail, and industrial sectors.
“We continue to have strong conviction in the living and retail sectors, where durable demand, limited new supply, and long-term growth potential remain consistent themes,” said Alfonso Munk, co-head of investment management at Hines. “Both assets are well-located within high-performing Midwest markets, aligning with our strategy to acquire high-quality properties with strong fundamentals.”
Left Bank is a 37-story, 451-unit Class A multifamily tower of which Hines reports 94% occupancy. Located in Chicago’s vibrant West Loop neighborhood, the property features a mix of studios and one- to three-bedroom units. Adjacent to the Chicago River, Left Bank offers protected river views and amenities including an elevated terrace, fitness center, lounge, grilling stations, and business center with co-working space and conference rooms.
The Chicago multifamily market demonstrates strong fundamentals, according to Hines, with only 1.5% of existing stock under construction. The West Loop submarket benefits from strong demand drivers, including proximity to major employment hubs and exceptional transit.
Clay Terrace is a 493,423-square-foot open-air retail center located in Carmel, Ind., a popular Indianapolis suburb. The center is 94.5% leased and anchored by Whole Foods and Dick’s Sporting Goods. It features a strong mix of national brands, according to Hines, including Sephora and Lululemon.
The shopping center ranks as one of Indiana’s most frequently visited lifestyle centers with 4.1 million annual visits. It also includes a 14.4-acre parcel entitled for multifamily development, allowing for densification. Hines reported that the Carmel submarket has experienced 31% population growth since 2010 and boasts a low retail vacancy rate of just 1.4%.
David Bach of Hines’ Midwest team helmed the Left Bank acquisition, and John Tomlinson and Will Renner, also of Hines’ Midwest team, led the Clay Terrace purchase.
Earlier in the fall, HGIT purchased Worship Square, an office property in London, England. The purchase price for the 97% leased asset was equivalent to approximately $206.7 million, exclusive of transaction costs and closing prorations.
Previously reported by AltsWire, HGIT, acquired two mixed-use assets – one in Los Angeles and the other in Houston – for $565.6 million.
HGIT, which commenced operations in 2014, invests in commercial real estate across the United States and internationally. As of Sept. 30, 2025, the REIT had raised $378.9 million in gross proceeds from the sale of common stock through its public offerings, including shares issued pursuant to its distribution reinvestment plan. Additionally, it had raised net offering proceeds of $559.6 million through its DST program.
The company declared distributions of $125.6 million as of the end of September. Its gross annualized distribution rate has remained at $0.625 per share since January 2019. Also, HGIT redeemed $178 million in shares of its common stock pursuant to its share redemption program.
Hines is a leading global real estate investment manager. It owns and operates $91.8 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients.
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