Real estate platform Hines’ flagship commingled US core plus fund, Hines US Property Partners (HUSPP), has acquired a build-to-core industrial development site in Chelsea, Massachusetts.
Chelsea Point will be an industrial development with a 36-foot clear height and flexible design to accommodate single or multi-tenant uses.
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The 8.6-acre in-fill site is two miles from Logan International Airport and three miles from downtown Boston.
Construction of Chelsea Point is anticipated to commence this summer, with the project slated for completion in the latter half of 2023.
Hines HUSPP fund manager Adriana de Alcantara said: “Chelsea Point offers an opportunity to acquire a core, infill industrial site in a market starved for modern industrial offerings.
“Developing a next-generation industrial facility just miles from the airport and downtown Boston should appeal to both e-commerce and airport users who require modern, purpose built urban industrial facilities.”
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By GlobalDataHines East Region managing director and head of industrial Tom Griggs said: “As Hines’ first industrial development in Boston, this project highlights the firm’s commitment to delivering high-quality product that meets the needs of today’s logistics operators.”
HUSPP is a diversified fund targeting assets in top-performing submarkets across the US.
Earlier this week, Hines, along with its partners Belfonti Companies, and Bridge Investment Group, announced the commencement of construction of Revio Revere Beach, a multifamily project with 209 apartments, in Massachusetts, US.
Construction of the project is anticipated to complete by Q2 2024.
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Image: Construction of Chelsea Point is anticipated to commence this summer. Credit: Khusen Rustamov from Pixabay.
