Boston Business Journal

Ground Broken on New Industrial Site Near Logan Airport

Houston-based real estate firm Hines formally broke ground Thursday on its first industrial development in Greater Boston, a last-mile distribution site in Chelsea about two miles from Logan International Airport.

A large, new industrial site in or immediately outside of Boston is a rarity. The average asking rent on a triple net lease for properties in Chelsea and other close-in suburbs north of Boston is more than $25 per square foot, significantly higher than many of the region's other submarkets, according to the most recent CBRE data.

The 146,000-square-foot facility, located at 250 Marginal St., is being built to accommodate either one or multiple tenants, for distribution or freight shipping purposes, according to Hines. It is expected to be completed in early 2024. Hines has hired JLL as the listing agent for the property, named Chelsea Point.

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