Hines Global REIT II acquires prime retail in Cincinnati,Ohio
Hines, the international real estate firm, announced today that Hines Global REIT II, Inc. has acquired Rookwood Pavilion and Rookwood Commons, two contiguous shopping centers that operate as a single property referred to as Rookwood, located in the Midtown submarket of Cincinnati, Ohio.
Rookwood consists of 600,071 square feet of gross leasable area that is 97 percent leased to 73 leading retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s, and J. Alexander’s. Known as a unique, high-end open-air lifestyle center, Rookwood serves a densely populated, urban trade area from its strategic location approximately five miles northeast of Cincinnati’s dynamic central business district.
Sherri Schugart, president and CEO of Hines Global REIT II, said, “We were attracted to Rookwood because it contains an outstanding collection of retailers in an affluent, urban trade area with high barriers to entry. The center serves shoppers from all over Cincinnati and Northern Kentucky, including over 50,000 students at neighboring University of Cincinnati and Xavier University.”
Hines Vice President/Property Management Dan Eifert noted, “Rookwood is conveniently located in close proximity to some of Cincinnati’s most attractive and affluent neighborhoods, including Hyde Park, Oakley, Columbia-Tusculum and Mount Lookout. These neighborhoods have enjoyed rapid appreciation over the past five years, command some of the highest home values in Cincinnati, and have residents with some of the area’s highest income levels, all of which have contributed to Rookwood’s success.”
This acquisition represents Hines Global REIT II’s sixth purchase and is the first retail property in its portfolio. Eastdil Secured represented the seller in the transaction.
Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.