Real estate investment, development and property manager Hines has announced the commencement of construction on the Chelsea Point industrial project in Massachusetts, US, reported the Boston Real Estate Times.
The construction began after the demolition of existing structures at the site that is situated at 250 Marginal Street in Chelsea, Massachusetts.
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Funding for the project has been provided by JP Morgan through a construction loan.
The 146,409ft² facility is situated in a major last-mile market for distribution and freight shipping in the region.
Once developed, it will be a Class A industrial development site featuring a 36ft and flexible design to house single or multiple tenants.
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Spread across an 8.6-acre area, the infill site is two and three miles away from Boston Logan International Airport and the city of Boston, respectively.
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By GlobalDataConstruction on Chelsea Point is anticipated to be completed in the first quarter of next year.
Hines Boston managing director Michael Francis said: “Chelsea Point serves as Hines’ first industrial development in Boston and serves a need in the market for next-generation industrial facilities.
“There is a significant supply and demand imbalance for infill logistics product.”
Hines has hired JLL to act as the listing agent for Chelsea Point.
JLL’s New England-based industrial team, including managing directors Rachel Marks, Michael Ciummei, and Joe Fabiano, are leading the listing of the project.
Marks said: “In recent years, Gateway Cities have seen a boom in development with more tenants recognising the endless opportunities that exist beyond Boston’s core for much-needed last-mile facilities.
“And Chelsea Point is a testament to that – a leading example of a Class A industrial project in a key last-mile market that is poised to be a game changer for distribution and freight shipping, all while boosting Chelsea’s economic competitiveness.”
