Hines Acquires Houston Industrial Asset in Portfolio Acquisition

Hines US Property Partners (HUSPP), a US core-plus fund, has acquired an industrial asset in Houston as part of a three-asset acquisition portfolio. Boulevard Oaks in Houston, along with the other two assets, were acquired for a combined $454 million.

The fund’s gross asset value is now $2 billion, with more than 80% of its assets allocated to the industrial, residential and alternative sectors.

Boulevard Oaks is a 1.5 million square foot Class A industrial portfolio consisting of 10 buildings and ample parking for cars and trailers, with easy access to Beltway 8 and Interstate 59. This is HUSPP’s twelfth industrial investment and second investment in Houston and offers a strategic opportunity to expand into a highly sought-after submarket.

HUSPP plans to continue investing in the residential, industrial and mixed-use sectors, as well as in certain alternative sectors such as data centers and self-storage, in order to build a diversified portfolio that seeks a balance between yield and growth.