Hines has completed the demolition phase to commence construction on Chelsea Point, a strategic industrial development site in Chelsea, Massachusetts.
Located at 250 Marginal Street, the 146,409-square-foot Class A facility will feature a 36-foot clear height and flexible design for single or multi-tenant uses. Construction is expected to be finished in Q1 2024. The project is financed through a construction loan from J.P. Morgan, and JLL has been appointed as the listing agent for the property.
“Chelsea Point serves as Hines’ first industrial development in Boston and serves a need in the market for next-generation industrial facilities,” said Michael Francis, managing director at Hines Boston. “There is a significant supply and demand imbalance for infill logistics products.”
Chelsea Point is part of Hines’ flagship commingled U.S. core-plus fund, Hines U.S. Property Partners (HUSPP), which focuses on next-generation assets in high-performing submarkets.