(BOSTON) – Hines, a global real estate firm, announced today that Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund, has acquired a strategic build-to-core industrial development site in Chelsea, Massachusetts.
Located in a key last-mile market for e-commerce and freight shipping, Chelsea Point, a fully entitled and designed 146,000-square-foot facility, will be a Class A industrial development with a 36-foot clear height and flexible design to accommodate single or multi-tenant uses. The 8.6-acre in-fill site is two miles from Logan International Airport and three miles from downtown Boston. Construction on Chelsea Point is expected to begin this summer with the project being completed in the latter half of 2023.
“Chelsea Point offers an opportunity to acquire a core, infill industrial site in a market starved for modern industrial offerings,” said Adriana de Alcantara, HUSPP fund manager at Hines. “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.”
Tom Griggs, managing director and head of industrial in Hines’ East Region commented, “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.” Mike Francis, Managing Director in Hines’ Boston office, added “The supply and demand imbalance for infill logistics product is truly remarkable here.”
HUSPP is an open-ended, diversified fund targeting next-generation assets in top-performing submarkets throughout the United States. The fund’s strategy is to “buy, build, and manage to core” through research-driven portfolio construction, smarter submarket and sector selection, vertically integrated value creation, and product designed for future demand. HUSPP expects to continue to invest across the living, industrial, office and mixed-use sectors, as well as select alternative sectors, such as life sciences, self-storage, and others, to construct a diversified portfolio that targets a balance of yield and growth.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About Hines U.S. Property Partners
Hines U.S. Property Partners is Hines’ flagship institutional investment fund targeting core-plus returns. The fund is a multi-sector, perpetual, diversified fund targeting next-generation assets in top-performing submarkets in major U.S. markets. It is managed by a growing dedicated team including Adriana de Alcantara, Fund Manager; Charlie Dreyfus, Assistant Fund Manager; Ali Siby, Assistant Fund Manager and Cher Yao, Assistant Fund Manager.