This Week's Boston Deal Sheet: Hines Pays $73M For Wilmington Industrial Properties
Hines last week announced it acquired several East Coast industrial properties, including two newly developed buildings in the Boston suburb of Wilmington.
The Houston-based company, through its Hines Global Income Trust nontraded REIT, acquired part of an industrial campus in Wilmington from The Davis Cos. for $73M, according to public records.
The two properties totaling 215K SF are part of the Upton Crossing development and are 80% leased to a global third-party logistics provider, a medical device company and a snack food company.
The Davis Cos. acquired the site in 2021 for $11.6M, according to public records, and then it delivered the buildings in 2023.
Hines Global Income Trust announced the acquisitions along with the purchase of two industrial buildings in Georgia, also from Davis, and one in South Carolina from a separate seller.
"Hines continues to see potential in the industrial sector, especially in high-growth markets," Hines Co-Head of Investment Management Alfonso Munk said in a statement. "As East Coast ports continue to diversify, coupled with the ongoing demographic growth in the Sunbelt, demand for strategically located industrial space remains steady."
SALES
DSF Group paid $101M for a 280-unit apartment complex in Franklin, the Boston Business Journal reported. The Westerly at Forge Park was built in 2017 and was owned by an entity linked to Michigan-based Bluerock.
LEASES
CMC North America signed a full-building, 71K SF lease with landlord Starwood Capital Group at 200 Danton Drive in Methuen. The 11.9-acre property consists of 49K SF of warehouse space and 21K SF of office space plus seven loading docks. It sits about 30 miles north of Boston along I-93.
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Presence & Co., a holistic well-being company, signed a 5K SF lease in downtown Reading. Landlord Jay Nuss Realty Group, in collaboration with Jeremy Cyrier of Mansard Commercial Properties, secured the lease with the company. The location is also a flexible workspace for wellness practitioners and the local artist marketplace.
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Car leasing company Flexcar signed a 16K SF lease at Starwood Capital Group's 60 State St. in downtown Boston. The lease represents a 15% increase from its previous headquarters at 200 Pier 4 Blvd. in the Seaport, the Boston Business Journal reported.
FINANCING
New Jersey-based The Michael Organization secured a $53M construction loan for its 364-unit apartment complex in Worcester. The development, dubbed The Benjamin, received financing from Atlanta-based Trust Bank, the Banker & Tradesman reported. It consists of five buildings. The developer closed a ground lease with Safehold Inc., which acquired a dozen parcels in the area for $16M.
PERSONNEL
Hospitality investment sales broker Scott Hutchinson joined Colliers' capital markets team from CBRE. Hutchinson, based in Boston, joined along with New York-based Hana Friedman. They have closed a combined $2B in transactions across more than 20 states. Hutchinson has had several award-winning deals, including The Americas Lodging Investment Summit's Deal of the Year in 2019 for the Beacon Hill Hotel & Bistro.
CONSTRUCTION & DEVELOPMENT
The Healey-Driscoll administration and MassHousing announced the second round of financing commitments as part of the state's Momentum Fund, which supports mixed-income housing production across the country. The state advanced the development of a 170-unit project dubbed Post Allston in Boston. The project includes 34 affordable units and retail. MassHousing has committed $10M in public equity financing to the project and will partner with Berkadia to provide taxable permanent financing from Freddie Mac.
