Hines will develop a multi-story logistics center, Namyang Logistics Center, in Seoul, South Korea.
The project represents the second cold storage and third logistics development for Hines in the Asia Pacific region in the last six months.
The 460,000-square-foot, five-story logistics center is located in Hwaseong, a greater Seoul location between the Incheon Airport, Incheon Port and Pyeongtaek Port which provides access to over 20 million people within 30 miles.
This multi-story center will target both cold and dry storage users, last-mile logistics providers and will feature market-leading clear heights of over 30, floor loads exceeding two tons, ample demising options and truck access to all levels of the building.
“Hwaseong is a strategic submarket for us as the fastest growing city in the Greater Seoul area, and this Hines quality development will give a superior advantage to our future tenants to better serve the region and meet consumer demand,” said Harry Lee, Director at Hines.
“Over the last five years, we have seen a significant spike in e-commerce growth in Korea and an uptick in demand for logistics and the need for more temperature-controlled warehousing throughout the region,” said Drew Huffman, Managing Director at Hines. “We look forward to continuing to expand this product offering in South Korea and the Asia Pacific region as we grow our real estate portfolio.”
Construction on Namyang Logistics Center is expected to begin in Q4 2021.