{"id":1004666381,"date":"2023-06-06T04:04:04","date_gmt":"2023-06-06T12:04:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004666381"},"modified":"2023-06-06T08:52:20","modified_gmt":"2023-06-06T16:52:20","slug":"hines-breaks-ground-on-last-mile-distribution-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/","title":{"rendered":"Hines Breaks Ground on Last-Mile Distribution Facility"},"content":{"rendered":"
\"Chelsea<\/a>

Chelsea Point. Image courtesy of Hines<\/p><\/div>\n

Hines <\/strong>has completed demolition and broken ground at 250 Marginal St., an 8.6-acre infill site in Chelsea, Mass., for Chelsea Point, a 146,409-square-foot Class A distribution facility.<\/p>\n

The site was acquired last year by Hines U.S. Property Partners, the firm\u2019s flagship commingled U.S. core-plus fund. Financing for this project is through a construction loan from J.P. Morgan<\/strong>.<\/p>\n

A Hines spokesperson confirmed to Commercial Property Executive<\/em> that dollar amounts for the project and the construction financing are not being released. Information from CommercialEdge, however, shows a three-year, $57.9 million loan from JPMorgan Chase originated in August 2022.<\/p>\n

\n

READ ALSO<\/strong>: How Debt Costs Will Affect Industrial Demand This Year<\/a><\/p>\n

\n

The site is in what Hines describes as \u201ca key last-mile market for distribution and freight shipping\u201d and is only 2 miles from Boston Logan International Airport and 3 miles from downtown Boston.<\/p>\n

The building will feature a 36-foot clear height and the ability to accommodate a single user or multiple tenants. Construction is expected to be completed in the first quarter of 2024.<\/p>\n

The project architect is RODE Architects<\/strong> Inc., of Boston.<\/p>\n

\"Chelsea<\/a>

Chelsea Point. Image courtesy of Hines<\/em><\/p><\/div>\n

In a prepared statement, Michael Francis, managing director at Hines Boston, pointed out that Chelsea Point will be Hines\u2019 first industrial development in Boston, where, he added, there is a significant supply and demand imbalance for infill logistics product.<\/p>\n

Hines has selected JLL<\/strong> to be the property\u2019s listing agent. JLL\u2019s New England industrial team will consist of Managing Directors Rachel Marks, Michael Ciummei and Joe Fabiano.<\/p>\n

Too much growth?<\/h2>\n

The amount of new space entering metro Boston\u2019s industrial market\u2014about 3 million square feet just in the first quarter, most of it speculative\u2014has been enough to tip year-to-date absorption into a negative 818,000 square feet and push average direct asking rents down about 80 basis points, to $14.37 per square foot, according to a new report from JLL. Metro-wide, total vacancy is up a bit, to 5.4 percent.<\/p>\n

In the North submarket, distribution space saw net negative absorption of 183,000 square feet, or 0.7 percent, on an inventory of 26.3 million square feet. And a very substantial 4.4 million square feet of space was underway in the submarket as of the first quarter.<\/p>\n

Last October, Greystar Real Estate Partners began construction<\/a> on a 412,500-square-foot industrial project in East Bridgewater, Mass. The developer had acquired the 46-acre site at 798 N. Bedford St. from Rhino Capital Advisors for $22.3 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chelsea Point marks the company\u2019s first industrial development in the Boston area.<\/p>\n","protected":false},"author":882,"featured_media":1004666439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21808,21748,21742,10],"tags":[32797,32796,32972],"class_list":["post-1004666381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-featured","category-industrial","category-latest","category-northeast","tag-hines","tag-jll","tag-jp-morgan-chase-company"],"acf":[],"yoast_head":"\nHines Breaks Ground on Last-Mile Distribution Facility - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hines has broken ground at 250 Marginal St. in Chelsea, Mass., for Chelsea Point, a suburban Boston Class A distribution facility.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Breaks Ground on Last-Mile Distribution Facility\" \/>\n<meta property=\"og:description\" content=\"Hines has broken ground at 250 Marginal St. in Chelsea, Mass., for Chelsea Point, a suburban Boston Class A distribution facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-06T12:04:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-06T16:52:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Chelsea-Point-by-Hines-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"611\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/\",\"name\":\"Hines Breaks Ground on Last-Mile Distribution Facility - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Chelsea-Point-by-Hines-featured.jpg\",\"datePublished\":\"2023-06-06T12:04:04+00:00\",\"dateModified\":\"2023-06-06T16:52:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Hines has broken ground at 250 Marginal St. in Chelsea, Mass., for Chelsea Point, a suburban Boston Class A distribution facility.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-breaks-ground-on-last-mile-distribution-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Chelsea-Point-by-Hines-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Chelsea-Point-by-Hines-featured.jpg\",\"width\":799,\"height\":611,\"caption\":\"Chelsea Point. 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