Hines Acquires Two Key Midwest Assets
The new acquisitions underscore Hines’ commitment to high-performing living and retail sectors amid supply constraints.
December 10, 2025
Hines Expands Midwest Presence With $350M in Strategic Real Estate Investments
Hines is making moves in the Midwest. Through its non-listed REIT, Hines Global Income Trust (HGIT), the firm has closed on two major acquisitions—Left Bank in Chicago and Clay Terrace in Carmel, Indiana—totaling more than $350 million. The additions bring HGIT’s gross asset value to over $6 billion, as the trust continues to target markets and sectors with consistent demand and strong long-term income potential.
The Chicago asset, Left Bank, is a Class A multifamily property with 451 units and 94% occupancy. It sits on the Chicago River in the West Loop, a neighborhood known for its proximity to jobs, access to transit, and strong renter demand. The building includes a mix of studios and larger units, paired with amenities like a rooftop terrace, fitness center, coworking space, and lounges.
With limited new supply in the pipeline—just 1.5% of total stock under construction—the West Loop continues to hold its position as one of Chicago’s most resilient submarkets. The acquisition was led by David Bach from Hines’ Midwest team.
Retail Strength in Carmel, Indiana
HGIT also picked up Clay Terrace, a 493,000-square-foot open-air retail center located in Carmel, Indiana. The property is 95% leased and anchored by Whole Foods and Dick’s Sporting Goods, alongside national brands like Sephora, Lululemon, and Sweetgreen. It sees over 4 million visits annually, according to Placer.ai.
The center includes an entitled 14.4-acre parcel for potential multifamily development, giving Hines additional flexibility down the line.
Carmel has seen rapid population growth—up 31% since 2010—and has earned national recognition for livability. The retail vacancy rate in the submarket sits at 1.4%, with no new construction underway. That supply-demand imbalance, paired with strong foot traffic, gives Clay Terrace a solid foundation. The deal was led by Hines Midwest team members John Tomlinson and Will Renner.
Strategy and Portfolio Focus
These acquisitions are part of HGIT’s broader strategy: focus on durable assets in top-performing submarkets. Over 75% of the portfolio is now concentrated in the living, retail, and industrial sectors. Hines is leaning into sectors where new supply is limited and tenant demand remains steady.
HGIT launched in 2014 and continues to build a diversified global portfolio. Hines manages $91.8 billion in assets across 30 countries, with a team of 4,600 employees operating across property types. As the firm expands its reach, these latest additions reinforce its focus on stable income-producing assets and development-ready opportunities in high-growth markets.
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