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Hines Adds Excelsior Crossings Office Building To REIT Holdings

Texas-based Firm Pays $69.5 Million in Sale-Leaseback with Cargill
January 4, 2012
Hines Global REIT made a year-end purchase of 9320 Excelsior, a seven-story office building located at the northeast corner of Highway 169 and Excelsior Boulevard in Minneapolis. The REIT purchased the building for $69.5 million from Cargill, an international producer and marketer of food, agricultural, financial and industrial products and services. Cargill will continue to fully occupy the building under a long term lease.

Completed in 2010, 9320 Excelsior measures 254,915 square feet and is one of three buildings that comprise the Excelsior Crossings campus.

"We are delighted to form a new relationship with Cargill, one of the largest privately held companies in the world," noted Hines Vice President Steve Luthman.

The Houston-based, public, non-listed real estate investment trust is sponsored by Hines. The REIT owns interests in 12 commercial properties. Please refer to CoStar COMP #2232609 for more information.

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