Hines Pays $267M for East Coast Portfolio
The four buildings came online in 2023 and 2024.
Hines has purchased two industrial portfolios totaling approximately 2.5 million square feet in the Savannah-Hilton Head and Boston metro areas through its Hines Global Income Trust. The Davis Cos. sold the assets for a combined $267.2 million.
More specifically, Hines paid $194.4 million for two industrial facilities within Georgia International Trade Center in Rincon, Ga., and $72.8 million for two distribution facilities within Upton Crossing Industrial Park in Wilmington, Mass., public records show. Managing Directors Ryan Wood and Tom Griggs with Hines’ U.S. Sunbelt and East industrial teams led the acquisitions.
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Hines purchased the Georgia International assets through a Delaware statutory trust, part of Hines Global Income Trust’s DST program. Located at 1001 and 2021 Trade Center Blvd., the facilities dubbed Building 4A and Building 3B encompass 733,200 square feet and 1.5 million square feet, respectively.
Each building features 40-clear heights, four drive-in doors, cross-dock configurations, ample column spacing and 185-foot-deep truck courts. Both properties are fully leased to Lowe’s and a global third-party logistics provider.
The two facilities came online in 2023 and 2024, respectively, as part of Georgia International Trade Center, a master-planned industrial campus developed by Davis in partnership with Stonemont Financial Group. Their sale marks the completion of the joint venture’s business plan at this complex.
The industrial park totals more than 7.7 million square feet across 10 fully leased buildings. Interstate 95 is nearby, while Savannah/Hilton Head International Airport is 13 miles away and Port of Savannah is 14 miles away.
Part of an industrial park near Boston
The Upton Crossing facilities occupy a 28-acre lot at 36 and 38 Upton Drive. Totaling nearly 215,000 square feet, these assets were both 81 percent leased at the time of sale to Zoll Medical, a global third-party logistics provider and a snack food company.
Developed by Davis, the two Class A facilities came online in 2023. The buildings have 32-foot clear heights, ESFR sprinkler systems, a total of 29 loading dock doors, four drive-in doors and a total of 305 vehicle parking spots.
The buildings are close to Interstate 93 and Massachusetts Route 125. Boston Logan International Airport is 21 miles away while Worcester, Mass., is within 54 miles.
A portfolio spread across multiple key metros
Hines currently owns and operates 91 industrial properties totaling 28.3 million square feet across the U.S., according to CommercialEdge information. Most of them are in the Houston and Denver metro areas.
Since the start of the year, Hines added a mixed-use project spanning more than 2,390 acres in Greater Atlanta to its portfolio. The firm partnered with Aubrey Corp. for the development of Aubrey Village in Bartow County, Ga. This multi-phase project’s industrial component will span more than 1,200 acres across two campuses, while 600 acres are entitled for retail and residential uses.
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