Hines GlobalREIT II Inc. agreed to acquire two adjacent shopping centers inCincinnati for $190.0 million, excluding transaction costs and working capitalreserves.
The properties, Rookwood Pavilion and Rookwood Commons,total 600,071 square feet and are 97% leased to 75 tenants.
The company expects to use proceeds from its public offeringand borrowings from its credit facility with Hines Interests LP to fund the transaction.It will also assume two existing secured mortgage facilities, comprising a$29.0 million loan secured by Rookwood Pavilion and a $67.0 million loanencumbering Rookwood Commons. Both interest-onlyloans are due July 1, 2020.
The deal is expected to close on the later of Nov. 11 orfive business days after the lender's approval of the loan assumptions.
The sellers are CLP-SPF Rookwood Commons LLC and CLP-SPFRookwood Pavilion LLC.