Hines recently announced the acquisition of several industrial properties on the East Coast, bolstering its portfolio in high-growth markets.
Among these acquisitions are two newly developed warehouses located on Upton Drive in Wilmington, a suburb of Boston, which Hines acquired from The Davis Cos. for $73M.
The Houston-based firm’s acquisition was made through its Hines Global Income Trust, a nontraded REIT.
Public records indicate that the two properties, with a combined area of 215,000 square feet, are currently 80% leased to a global third-party logistics provider, a medical device company, and a snack food company.
The Davis Cos. had previously purchased the site in 2021 for just $11.6M, before delivering the new buildings in 2023.
In addition to the Wilmington properties, Hines Global Income Trust’s acquisition strategy included two additional industrial buildings in Georgia from Davis and one in South Carolina from a different seller.
Alfonso Munk, Co-Head of Investment Management at Hines, commented on the company’s stance, stating, “Hines continues to see potential in the industrial sector, especially in high-growth markets.
As East Coast ports continue to diversify, coupled with the ongoing demographic growth in the Sunbelt, demand for strategically located industrial space remains steady.”
Meanwhile, the residential market is also active, with DSF Group reportedly acquiring a 280-unit apartment complex in Franklin for $101M.
The complex, named The Westerly at Forge Park, was built in 2017 and had been owned by an entity associated with Michigan-based Bluerock.
In the leasing arena, CMC North America has signed a full-building lease for 71,000 square feet at 200 Danton Drive in Methuen.
The property sits on an 11.9-acre site and comprises 49,000 square feet of warehouse space along with 21,000 square feet of office space and seven loading docks.
This location is situated about 30 miles north of Boston along I-93.
Additionally, Presence & Co., a holistic well-being company, has inked a 5,000 square-foot lease in downtown Reading.
This space will serve as a flexible workspace for wellness practitioners and also host a local artist marketplace, with the lease facilitated by landlord Jay Nuss Realty Group and Jeremy Cyrier of Mansard Commercial Properties.
Flexcar, a car leasing company, has also expanded its footprint by signing a 16,000 square-foot lease at Starwood Capital Group’s 60 State St. in downtown Boston, reflecting a 15% increase compared to its former headquarters located at 200 Pier 4 Blvd. in the Seaport, as reported by the Boston Business Journal.
In the financing sector, The Michael Organization from New Jersey secured a $53M construction loan for its upcoming 364-unit apartment complex called The Benjamin in Worcester.
This development consists of five buildings and was financed by Trust Bank, which is based in Atlanta.
The developer also completed a ground lease with Safehold Inc., which purchased several parcels in the area for $16M.
In personnel news, Scott Hutchinson has joined the capital markets team of Colliers from CBRE, focusing on hospitality investment sales.
Based in Boston, Hutchinson brings significant experience, having closed a combined $2B in transactions across more than 20 states, including award-winning deals such as The Americas Lodging Investment Summit’s Deal of the Year in 2019 for the Beacon Hill Hotel & Bistro.
On the construction and development front, the Healey-Driscoll administration and MassHousing announced their commitment to support mixed-income housing production in the state through the Momentum Fund.
A recent advancement included funding for a 170-unit project known as Post Allston in Boston, which features 34 affordable units and retail space.
MassHousing is contributing $10M in public equity financing to the project and will collaborate with Berkadia to supply taxable permanent financing from Freddie Mac.
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