HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million.
The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet.
Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed.
The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah.
Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in 2021 and redesigned and re-permitted the site to accommodate industrial distribution buildings. Eastdil Capital Markets brokered the sale of the Upton Crossing properties.
In South Carolina, I-85 Logistics Center is a cross-dock distribution facility spanning 408,000 square feet. The property was fully leased at the time of sale to Vertiv, a publicly traded data center equipment manufacturer. I-85 Logistics Center is located within a half-mile of Vertiv’s new 215,000-square-foot manufacturing facility and near the tenant’s existing research-and-development facility.
Ryan Wood and Tom Griggs of Hines led all three acquisitions.
Established in 2014, Hines Global Income Trust is a non-listed REIT sponsored by Hines. Hines is a global real estate investment manager with 5,000 employees across 30 countries and a portfolio of $90.1 billion of real estate assets under management across multiple property types. HGIT’s portfolio is valued at $4.58 billion as of April 30, 2025, with two-thirds-weighted to the industrial and living sectors.
The Davis Cos. is an investment and development firm that has acquired or developed 38.3 million square feet of commercial space and 14,124 residential units since its founding in 1976 as of year-end 2024. The firm currently employs about 117 staffers across all real estate disciplines.
— Hayden Spiess