Hines, in partnership with Cresset Partners, has launched construction for the redevelopment of 429 Houston, an approximately 30,000-square-foot industrial and retail mixed-use property located in Nashville’s Wedgewood Houston neighborhood. The redevelopment will transform 429 Houston—which the company purchased in December 2019—into a dedicated retail property, including restaurant and retail tenants. It will also add a large, wrap-around outdoor patio, additional square footage, parking, new building systems, site infrastructure and extensive landscaping and hardscaping. 

The firm has also signed new restaurant tenants at 429 Houston. The new eateries include: 

• Bodega Taqueria y Tequila (4,384 SF at 429 Houston, expected to open by mid-2025);
• Aba (8,979 SF at 429 Houston, expected to open by mid-2025).

Existing 429 Houston tenant Jackalope Brewing Company will stay in its current 16,200-square-foot space and remain open throughout the redevelopment. Hines paid nearly $8 million for the 1.11-acre site.

Hines developed the nearby Finery, which includes a 383-unit apartment project and T3 Wedgewood Houston, a mass-timber office building.

JLL Capital Markets arranged a $108 million refinancing with New York Life Real Estate Investors for a 13-property, self-storage portfolio located throughout the Dallas-Fort Worth Metroplex. On behalf of the borrower, a joint venture between Hines and Trez Capital, JLL Capital Markets arranged the five-year, fixed-rate loan through New York Life Real Estate Investors, who was able to provide an early rate lock, interest-only payments, and prepayment flexibility early in the loan term. 

The JLL Capital Markets Debt Advisory team representing Hines included Director John Bauman and Analyst Jordan Buck. 

The list of locations for the 13 self-storage properties with the Hines-Trez Capital joint venture’s portfolio includes:

• 1251 W. Exchange Parkway, Allen
• 700 Debbie Lane, Arlington
• 2130 W Pleasant Ridge Road, Arlington
• 2444 Luna Road, Carrollton
• 4321 Creek Valley Blvd., Carrollton
• 4201 Paige Road, The Colony
• 4205 Gannon Lane, Dallas
• 1410 N Duncanville Rd., Duncanville
• 1460 S Interstate 35E, Lancaster
• 3645 N Houston School Road, Lancaster
• 525 N Ave., Plano
• 6404 Hwy. 78, Sachse
• 570 Country Club Road, Wylie

Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s U.S. core-plus fund, has acquired Blu South, a build-to-rent (BTR) community located at 920 Blu Central Rd. in Pineville, North Carolina. Serving as Hines’ first BTR acquisition in the U.S., this announcement represents the firm’s confidence in the growing sector and the Charlotte market. The seller is Landmark Properties.

Hines’s Adriana de Alcantara added, “This strategic acquisition expands our alternatives portfolio, capitalizing on a Class A BTR community that supports long-term demographic tailwinds as people look for more space amid a challenging home-buying market.”

Upon completion, Blu South will feature a total of 551 individually platted homes ranging from three- and four-bedroom townhomes, single-family detached houses, and duplexes across 75-plus acres. Of the planned 551 homes, 341 have already been delivered, with the remainder expected to be fully delivered by the third quarter of 2025. 

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Hines has advanced its plans for Clari Park, a 78-acre mixed-use destination located in Murfreesboro, Tennessee.  As part of the development’s first phase, Hines acquired an 11.4-acre land parcel and commenced construction on a Class A 300-unit multifamily community, The Residences at Clari Park. Hines paid $5.4 million for the property in September.

The property is next to The Avenue Murfreesboro, an 800,000-square-foot super-regional lifestyle center.  It will offer a fitness center, and a two-story club space, a grand lawn for social events and outdoor games, a performance area, seating nooks and a link to Clari Park’s linear park system. Additionally, a resort-style pool with cabanas and grill stations, a Zen Garden featuring a yoga lawn, reading nooks, and fire pits, and a community dog park.

Murfreesboro is Nashville’s fastest-growing submarket and was ranked by SmartAsset as the third fastest-growing city in the United States in 2022.

Privately-owned global real estate investment firm Hines has announced that it has opened a new investment and development office in Raleigh. The office will be led by Paul Zarian, who will be responsible for sourcing and executing new development and investment opportunities in the market.

Hines, along with partner Columbia Development Group and USAA Real Estate, are currently developing Fenton, a new 92-acre mixed-use district in nearby Cary, N.C. The development will include 2.5 million square feet of retail, office, multifamily, restaurant and hotel space. The initial phase of the project is projected to open in late 2021.

“The Triangle’s long-term fundamentals are no secret, and we have dedicated the last few years to identifying and curating the right opportunity to enter the market,” said Zarian. “We were fortunate to have found it in Fenton. Through the creation of a pedestrian-focused, mixed-use village in a location that is accessible to all points in the Triangle, we believe that Fenton will be nothing short of transformative for the region.”

For comments, questions or concerns, please contact David Cohen