Hines REIT Acquires Charlotte Mixed-Use Center

Hines Global Income Trust has expanded its presence in Charlotte, N.C., with the purchase of the Design Center of the Carolinas, a mixed-use property in the city’s South End, for $170 million from Asana Partners.

Located at 1930 Camden Road, the 7-acre property spans 239,000 square feet across nine buildings. The asset totals 122,000 square feet of retail space and 117,000 square feet of creative office space.

The adaptive reuse property was built for industrial use in 1929 and 1946 and was converted to office space in 2008, with retail being added in 2020. It now features creative office, retail, food and beverage, wellness, lifestyle and design-oriented uses.

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The Design Center of the Carolinas is 88 percent leased. Tenants include Jeni’s Ice Cream, Abercrombie & Fitch and Patagonia. Situated in the walkable and transit-connected South End, the property has direct access to the Rail Trail and light rail.

Asana Partners acquired the asset for $42.7 million in November 2016 from Ram Realty Services, according to the Charlotte Business Journal.

Paul Zarian, managing director at Hines, and Jesse Amundson, senior director of development and acquisition, led the acquisition on behalf of Hines. Eastdil Secured Managing Directors Ryan Shore and Miles Theodore represented Asana Partners.

Hines’ diversified portfolio

The property fits with HGIT’s strategy of building a portfolio of stabilized assets with the potential to provide durable income. HGIT’s portfolio, including properties that are part of its Delaware statutory trust program, has a gross asset value of roughly $6.45 billion and is diversified across geographies and property types.

It also expands the firm’s holdings in the Charlotte market and is the third acquisition in the market in three years. In October 2025, Hines acquired Birkdale Village, a 234,418-square-foot mixed-use property in Huntersville, N.C., for $274.4 million from Jamestown and Nuveen. The firm secured a $151 million permanent loan from Truist Bank for the asset that features retail and multifamily housing.

More Hines Global purchases

Late last year HGIT picked up Clay Terrace, a 493,000-square-foot open-air retail center in Carmel, Ind., for about $199 million. The previous owner was Washington Prime Group, which had owned and managed the asset for 11 years. Completed in 2004, it’s one of the first lifestyle centers in the state. Whole Foods Market and Dick’s Sporting Goods serve as anchor tenants.

In May 2025, HGIT acquired two industrial portfolios totaling approximately 2.5 million square feet in the Savannah-Hilton Head and Boston metro areas from The Davis Cos. for a total of $267.2 million. HGIT paid $194.3 million for two industrial facilities within the Georgia International Trade Center in Rincon, Ga., and $72.7 million for two distribution facilities in the Upton Crossing Industrial Park in Wilmington, Mass. The Georgia assets were acquired through HGIT’s DST program.