Davis Sells 2.5M SF Industrial Portfolio in Savannah, GA & Wilmington, MA to Core Institutional Investor, Hines Global Income Trust (HGIT)
BOSTON, MA, (May 29, 2025) – Davis is proud to share the successful sale of a 2.5 million square foot industrial portfolio to Hines Global Income Trust (HGIT), marking a significant milestone for Davis and our partners.
The portfolio includes:
- Two fully leased Class A distribution facilities at the Georgia International Trade Center (GITC) in Savannah, GA – a thriving logistics hub near the Port of Savannah.
- Two Class A warehouse/distribution facilities at Upton Crossing in Wilmington, MA – a strategically located campus serving the Greater Boston market.
This transaction reflects our commitment to developing best-in-class industrial assets in high-demand markets and leasing them to strong, creditworthy tenants. The GITC facilities, developed in partnership with @Stonemont Financial Group, are now fully realized, completing our vision for this 7.7 MM SF master-planned park. Upton Crossing, directly developed by Davis, showcases our ability to reposition and deliver high-performing assets in supply-constrained markets.
We’re grateful to our partners, leasing teams, and brokers for their role in executing this transaction. Congratulations to Hines on acquiring a portfolio that we believe will deliver long-term value and performance.
This is a proud moment for Davis and a testament to our strategy.
Hines Pays $267M for East Coast Portfolio
May 30, 2025 | Commercial Property Executive | Simona Tudose Hines has purchased two industrial portfolios totaling approximately 2.5 million square feet in the Savannah-Hilton Head and Boston metro areas through its Hines Global Income Trust. The Davis Cos. sold the assets for a combined $267.2 million.
More specifically, Hines paid $194.4 million for two industrial facilities within Georgia International Trade Center in Rincon, Ga., and $72.8 million for two distribution facilities within Upton Crossing Industrial Park in Wilmington, Mass., public records show. Managing Directors Ryan Wood and Tom Griggs with Hines’ U.S. Sunbelt and East industrial teams led the acquisitions.
Hines purchased the Georgia International assets through a Delaware statutory trust, part of Hines Global Income Trust’s DST program. Located at 1001 and 2021 Trade Center Blvd., the facilities dubbed Building 4A and Building 3B encompass 733,200 square feet and 1.5 million square feet, respectively.
Each building features 40-clear heights, four drive-in doors, cross-dock configurations, ample column spacing and 185-foot-deep truck courts. Both properties are fully leased to Lowe’s and a global third-party logistics provider.
The two facilities came online in 2023 and 2024, respectively, as part of Georgia International Trade Center, a master-planned industrial campus developed by Davis in partnership with Stonemont Financial Group. Their sale marks the completion of the joint venture’s business plan at this complex.
The industrial park totals more than 7.7 million square feet across 10 fully leased buildings. Interstate 95 is nearby, while Savannah/Hilton Head International Airport is 13 miles away and Port of Savannah is 14 miles away.
Part of an industrial park near Boston
The Upton Crossing facilities occupy a 28-acre lot at 36 and 38 Upton Drive. Totaling nearly 215,000 square feet, these assets were both 81 percent leased at the time of sale to Zoll Medical, a global third-party logistics provider and a snack food company.
Developed by Davis, the two Class A facilities came online in 2023. The buildings have 32-foot clear heights, ESFR sprinkler systems, a total of 29 loading dock doors, four drive-in doors and a total of 305 vehicle parking spots.
The buildings are close to Interstate 93 and Massachusetts Route 125. Boston Logan International Airport is 21 miles away while Worcester, Mass., is within 54 miles.
A portfolio spread across multiple key metros
Hines currently owns and operates 91 industrial properties totaling 28.3 million square feet across the U.S., according to CommercialEdge information. Most of them are in the Houston and Denver metro areas.
Since the start of the year, Hines added a mixed-use project spanning more than 2,390 acres in Greater Atlanta to its portfolio. The firm partnered with Aubrey Corp. for the development of Aubrey Village in Bartow County, Ga. This multi-phase project’s industrial component will span more than 1,200 acres across two campuses, while 600 acres are entitled for retail and residential uses.
Hines affiliate buys Boston warehouses for $73M
May 30, 2025 | The Real Deal | Hayden Spiess
The Davis Companies offloaded Wilmington properties in larger East Coast trade
Hines is developing South Station Tower, a 51-story office and condo tower on Atlantic Avenue slated for completion this year. Construction work was beset last year with two accidents that paused work on the site.
Davis, meanwhile, is based in Beantown. The developer’s portfolio includes the Omni Boston Hotel at the Seaport — one of the state’s largest hotels — a life sciences building in Watertown and an office complex in Waltham.
In the first quarter of the year, Greater Boston’s industrial market recorded an increase in owner-user sales, according to a report from CBRE, as well as increases in build-to-suit and land site activity. The market’s availability rate ticked up to 9.2 percent from the fourth quarter, while the average asking rent held steady at $15.29 per square foot.
Hines REIT Acquires Boston-Area Industrial from Davis
May 29, 2025 | Connect CRE | Paul Bubney 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.”
Hines Acquires Three East Coast Industrial Assets for $309M
May 29, 2025 | Rebusiness Online
HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million.
The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet.
Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed.
The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah.
Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in 2021 and redesigned and re-permitted the site to accommodate industrial distribution buildings. Eastdil Capital Markets brokered the sale of the Upton Crossing properties.
In South Carolina, I-85 Logistics Center is a cross-dock distribution facility spanning 408,000 square feet. The property was fully leased at the time of sale to Vertiv, a publicly traded data center equipment manufacturer. I-85 Logistics Center is located within a half-mile of Vertiv’s new 215,000-square-foot manufacturing facility and near the tenant’s existing research-and-development facility.
Ryan Wood and Tom Griggs of Hines led all three acquisitions.
Established in 2014, Hines Global Income Trust is a non-listed REIT sponsored by Hines. Hines is a global real estate investment manager with 5,000 employees across 30 countries and a portfolio of $90.1 billion of real estate assets under management across multiple property types. HGIT’s portfolio is valued at $4.58 billion as of April 30, 2025, with two-thirds-weighted to the industrial and living sectors.
The Davis Cos. is an investment and development firm that has acquired or developed 38.3 million square feet of commercial space and 14,124 residential units since its founding in 1976 as of year-end 2024. The firm currently employs about 117 staffers across all real estate disciplines.
South Station Tower developer buys warehouses north of Boston for $73M
May 29, 2025 | Boston Business Journal | Grant Welker
A pair of warehouses in Wilmington have sold for $73 million as part of a multi-property deal between two major real estate investment firms.
Boston-based The Davis Cos. sold the Wilmington property to Hines Global Income Trust, which is affiliated with the developer of Boston’s nearly-complete South Station Tower.
The recently-built site, called Upton Crossing, is a location off Andover Bypass (Route 125) in Wilmington about a mile and a half from I-93. It includes two buildings with 215,000 total square feet of space that’s 81% leased, according to Hines. Tenants include Zoll Medical Corp.
Hines announced the transactions on Wednesday. A deed for the Wilmington site closed on May 15.
The Davis Cos. still has a significant footprint in the Boston area, with a portfolio that includes the Omni Boston Hotel at the Seaport, one of the state’s largest hotels, as well as a new life sciences building in Watertown and the Reservoir Woods office complex in Waltham.
Davis had bought the Upton Crossing site in 2021. Land-sale records show the company paid $11.65 million for the site then.
Hines also bought from the Davis Cos. a 2-million-square-foot logistics site in Georgia as part of the deal.
Correction/Clarification
An earlier version of this story said three properties were involved in the sale between Hines and the Davis Cos. It was two properties. A third property that Hines purchased was from another company.