Hines REIT Buys Nine Buildings for $87M

MINNEAPOLIS-Hines REIT has purchased a nine-building portfolio of office and office-flex properties in the Minneapolis suburbs for $87 million. The seller of the 766,240-sf portfolio was a joint venture of First Industrial REIT and CalSTERs.

John McDermott, Hines VP, says the company believes in the city and its suburbs. “We think this market is tight, and is going to stay very tight, Minneapolis is doing well and is going to get better,” he tells GlobeSt.com. “The way it is in the Midwest goes market by market, Chicago’s doing well, too, but those that are heavily linked to the automotive industry are obviously struggling.”