Hines has broken ground 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 completed by 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.
Michael Francis, managing director at Hines Boston commented: “Chelsea Point serves as our first industrial development in Boston and meets an existing need in the market for next generation logistics products due to significant supply/demand imbalance.” The project forms part of Hines’ flagship commingled U.S core plus fund – HUSPP (Hines U S Property Partners) which focuses on modern assets located within high performing submarkets across America .
