Pinehill Markets sells Markets at Town Center for $135 million to Hines Global REIT

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The Markets at Town Center, the shopping area next to St. Johns Town Center, was sold Tuesday to the Hines global real estate investment trust for $135 million, according to property records filed Wednesday with the Duval County Clerk of Court.

Three deeds were recorded for $127.2 million, $3 million and $4.75 million.

Pinehill Markets Operating LLC and Pinehill Markets Operating OP 6A LLC were the sellers. Hines Global REIT 4875 Town Center LLC was the buyer.

The deal includes more than 52 acres, identified as the Marketplace at Town Center, but excludes 11 parcels, most of which are developed as outparcels for retailers and restaurants.

While 13 parcels were excluded in one deed, Hines separately bought two of them, both undeveloped.

The excluded parcels are identified in the deed as Panda Express, CVS, Beards Jewelry, Ameris Bank, Blue Cross Blue Shield, Pollo Tropical, Zaxby's, Verizon, Moxie, the land recently bought by Rimrock and a shell building.

Pinehill Markets Operating is based in Atlanta. It bought the property in 2008. Hines is based in Houston.

The Markets at Town Center property is at northeast Gate and Town Center parkways.

Two of the newest names joining the Markets area are Nordstrom Rack and Moxie Kitchen + Cocktails.

Among tenants who lease space are Toys R Us and Babies R Us, Best Buy, Ulta, REI, West Marine, Blackfinn American Grille and Brio Tuscan Grill.

The website says that Hines has operated for more than 55 years and is a global leader in real estate investment, development and management.

Hines entered the retail investment market by sponsoring two non-traded REITs — Hines REIT, closed to new investors, and Hines Global REIT. Hines launched HMS Income Fund, a business development company, in 2012. 

According to the site, the Hines Global REIT seeks to invest in a diversified real estate portfolio that can include office, multifamily, retail, industrial and other real estate investments in domestic and international markets.

It was launched in August 2009 and has a portfolio of investments in 18 locations in the U.S., the United Kingdom, Poland, Russia and Australia.

It has 32 projects comprising 9.7 million square feet, says the site.

The neighboring St. Johns Center opened in 2005.

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