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Hines Global REIT II wraps up Utah property acquisition

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Hines Global REIT II wraps up Utah property acquisition

Hines Global REITII Inc. closed on its purchaseof Cottonwood Corporate Center in Cottonwood, Utah's SaltLake City submarket.

The complex marks the company's fourth investment. It comprisesfour class A buildings spanning 490,030 square feet at 2855, 2825, 2795 and 2755East Cottonwood Parkway. It is 91% leased to 25 tenants, including Western Digitaland Extra Space Storage Inc.

NOP Cottonwood Holdings LLC agreed to sell the property in Mayfor $140.0 million, exclusive of transaction costs and working capital reserves.