Rookwood
Net lease retail in Cincinnati, OH — sponsored by Hines
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
HREX 5, DST is a Hines-sponsored Delaware statutory trust — a passive co-ownership vehicle that can serve as replacement property in a 1031 exchange — holding Rookwood, the adjoining Rookwood Commons and Rookwood Pavilion open-air shopping centers in Cincinnati, Ohio. The Offering is fully subscribed and closed to new investors; Hines announced its completion on May 19, 2025.1
Minimum investment
$250k
Offering size
$194.0M
How much has sold
100.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Rookwood sits at 3805 Edwards Road, roughly six miles northeast of downtown Cincinnati.2 It is two adjoining open-air centers: Rookwood Commons, built between 2000 and 2001, with 45 retail and restaurant tenants, and Rookwood Pavilion with 29. Hines Global REIT II bought both centers on January 6, 2017 for a net purchase price of $193.7 million, and the Trust's ownership traces back to that purchase.3
- Reported location
- Cincinnati, OH
- Property size
- 595,194 sf
Who is the tenant, and what's the lease?
This is a multi-tenant shopping center rather than a single-tenant net lease, so rent arrives from dozens of separate leases with staggered expirations. Tenants listed by Hines Global Income Trust include Whole Foods Market, REI, Nordstrom Rack, HomeGoods and DSW, none occupying more than 10% of net rentable area, and the property was 96% leased as of June 30, 2026.4
How did it end?
Still operating
No disposition evidence found; HGIT's property page for Rookwood remains active and RE-Transition lists the HREX 5 DST as a 'Closed Offering' (fundraise closed May 2025), per hinesglobalincometrust.com/properties/rookwood and re-transition.com/marketplace/hrex-5-dst/.
Rookwood (Rookwood Commons and Rookwood Pavilion) is a 595,194 square-foot open-air retail center in Cincinnati, OH, approximately 6 miles northeast of downtown Cincinnati. Rookwood Commons was built between 2000-2001 and features 45 retail and restaurant tenants; Rookwood Pavilion features 29 retail and restaurant tenants. The combined property is 100% leased to 74 tenants. The DST was structured for $194 million of equity (per Hines) / $201.1 million (per RE-Transition). HREX 5 DST closed on May 19, 2025.
595,194 sfSupporting evidence
Counted on Hines’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
Neither Form D discloses whether the Trust carries mortgage debt, and no primary record locating current leverage was found. For historical context only: when Hines Global REIT II acquired Rookwood in January 2017 it assumed two secured mortgage facilities with combined original principal of $96.0 million.3
Who's behind it?
Hines is a global real estate owner, developer and manager; the Trust itself is a Delaware entity filing from Hines's Houston, Texas address.5 The Form D identifies Hines Real Estate Exchange, LLC as sponsor, HREX 5 DST Manager, LLC as administrative trustee and HREX 5 Depositor, LLC as depositor.6 Rookwood was sourced by Hines Global Income Trust, and the completion 8-K describes the Trust as a subsidiary of that REIT.7
- Sponsor
- Hines
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 10 total offerings from Hines
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paper trail is short: an initial Form D, then a single amendment. The original filing set the Offering at about $201.1 million; the amendment restated the total to the smaller amount actually placed and reported the raise complete, with nothing left to sell.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- HREX 5, DST
- Filings on record
- 2
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Rookwood?
Top1031 lists Rookwood in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Rookwood?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in HREX 5, DST?
No. The Offering is fully subscribed and closed to new investors — Hines announced completion on May 19, 2025, and the June 6, 2025 Form D amendment reported nothing remaining to be sold. Delaware statutory trust interests have no public market; any purchase after a closing would have to come from an existing holder in a private transfer, if the trust documents permit one at all.
What property does the Trust actually own?
Rookwood, in Cincinnati, Ohio — the adjacent Rookwood Commons and Rookwood Pavilion open-air retail centers at 3805 Edwards Road, about six miles northeast of downtown. Rookwood Commons was built between 2000 and 2001 and has 45 retail and restaurant tenants; Rookwood Pavilion has 29.
Who are the tenants?
It is a multi-tenant retail center, not a single-credit net lease. Hines Global Income Trust lists tenants including Whole Foods Market, West Elm, REI, World Market, Sierra Trading, HomeGoods, Sephora, DSW, Nordstrom Rack, Macy's, T.J. Maxx and Joseph-Beth Booksellers, and states that none occupies more than 10% of net rentable area. The property was reported 96% leased as of June 30, 2026.
Does the Trust use mortgage debt?
The Form D filings do not say, and our research found no primary record establishing the Trust's current leverage. The only documented debt in Rookwood's history is at the prior owner level: Hines Global REIT II assumed two secured mortgage facilities with combined original principal of $96.0 million when it acquired the centers in January 2017. Leverage is a PPM question here, not a public-record one.
Is there a REIT conversion or 721/UPREIT exit?
Our record shows no REIT-conversion feature for this Trust, and no completed 721 exchange — where DST investors contribute their real property interest to a REIT's operating partnership for OP units — appears in the primary filings we reviewed. Exit mechanics are governed by the trust agreement and PPM.
How was the Offering sold, and what was the minimum?
It was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits the issuer to investors with whom it has a pre-existing relationship, effectively accredited investors — those meeting SEC income or net-worth thresholds. The Form D reported a $250,000 minimum outside investment.
Chapter 9Hines Private Wealth Solutions Successfully Completes $194 Million DSTHines announced the successful completion of HREX 5 DST, a $194 million Delaware statutory trust that owns Rookwood, a retail property in Cincinnati, Ohio. HREX 5- DST Completion 8-KForm 8-K announcing the completion of HREX 5 DST by Hines Private Wealth Solutions, which owns Rookwood Commons and Rookwood Pavilion in Cincinnati, Ohio.