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Hines REIT Acquires Boston-Area Industrial from Davis
Hines Global Income Trust has paid $73 million to acquire Upton Crossing, a warehouse/distribution campus in Wilmington, MA. The acquisition is part of a larger $309-million deal for East Coast properties owned and developed by The Davis Companies.
The two Upton Crossing properties total 215,000 square feet and are 81% leased to a global third-party logistics provider, a medical device company and a snack food company. They’re adjacent to I-93 and proximate to I-95, I-495, Downtown Boston and Logan Airport.
“For Davis, the priority is always to secure good sites, build quality buildings and lease to strong tenants,” said David Allen, SVP at The Davis Companies. “The ultimate reward is a sale to an owner who values the durable cash flows we create in the best-of-class buildings we construct. We are grateful to our partners, leasing teams and Eastdil Capital Markets for helping execute this sale, which we believe will be a valuable investment for Hines.”
- ◦Sale/Acquisition
