Hines Nontraded REIT Acquires Austin Office Tower, Chicago Retail Center for $221M
Hines Global Income Trust Inc. has acquired two U.S. properties – an office tower in Austin, Texas, and a grocery-anchored retail center in Chicago – extending a buying streak that has built the nontraded real estate investment trust’s portfolio to a gross asset value of approximately $6.4 billion as of May 2026.
The REIT, known as HGIT and sponsored by Hines, acquired 405 Colorado, a 206,000-square-foot Class A office tower in downtown Austin, for approximately $151 million (working out to roughly $733 per square foot). The seller was Brandywine Realty Trust part of a broader push by the Philadelphia-based REIT to divest up to $300 million in assets. The price is above the broader market: Austin office deals have traded at an average of $162 per square foot so far this year, according to a Yardi Matrix report.
HGIT paid approximately $70 million for Wicker Park Commons, a 183,000-square-foot retail center on Chicago’s north side. The seller was identified only as unaffiliated with the company.
405 Colorado is fully leased to a tenant roster that includes JPMorgan Chase, Bain & Company, and AllianceBernstein, according to Hines. Wicker Park Commons is 99% leased and anchored by Jewel-Osco and Lowe’s.
HGIT’s recent purchases – a Chicago multifamily tower and an Indianapolis-area retail center in a combined $354 million deal reported by AltsWire in December, and an eighth Delaware statutory trust closing sourced from HGIT’s Houston mixed-use asset, reported by AltsWire last month – have concentrated on the living, retail, and industrial sectors Hines has favored since 2025. Office is a new addition to that mix.
“We’re investing where we see the potential for strong alignment between income durability and attractive pricing,” said Alfonso Munk, global co-head of investment management at Hines. “We believe the U.S. office recovery is underway, with demand concentrated in fully leased trophy assets. In office, our strategy involves selectively acquiring best-in-class properties with strong tenants and highly visible income, while maintaining our focus on grocery-anchored retail.”
Hines pointed to its own research showing 7 million square feet of net absorption in the U.S. office market over the 12 months through the first quarter of 2026, including three consecutive quarters of positive absorption, which the firm described as the strongest sustained demand recovery since the pandemic.
Continued Portfolio Growth
The new acquisitions extend a run of steady expansion for HGIT. The REIT’s gross asset value has climbed from roughly $5.6 billion last August to more than $6 billion in December, to approximately $6.3 billion as of April 30, according to Hines’ disclosures in AltsWire’s prior coverage of the HREX 8 DST closing – and now to $6.4 billion with this latest round of acquisitions.
“Fundamentals are driving performance, and opportunities today are increasingly defined by operational strength,” Munk added. “We believe our vertically integrated platform enables disciplined execution and will allow us to capture value through active ownership.”
HGIT, which commenced operations in 2014, invests in commercial real estate in the United States and internationally. Hines manages approximately $91.7 billion in assets across property types on behalf of institutional and private wealth clients.
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