Image courtesy of The Davis Cos.

A Wilmington industrial park was acquired by Hines, the Houston-based real estate developer, for nearly $73 million following a speculative expansion project during The Davis Companies’ four-year ownership period.

The Davis Companies of Boston acquired the fully leased industrial-flex portfolio in 2021 for $44.25 million. Known as Upton Crossing, the Upton Drive properties are located on the Wilmington-Methuen line near the junction of Route 125 and Interstate 93.

In 2022, Middlesex Savings Bank provided a $39.1 million construction loan for a pair of new distribution buildings totaling 214,000 square feet.

The Davis Companies leased one of the buildings, totaling 111,000 square feet, to a medical device company in 2024 in a transaction that represented the largest industrial lease in the northern suburban market. And in October, a snack food company signed a 10-year lease for 32,493 square feet.

The May 15 transaction is the second biggest industrial sale of 2025 in Greater Boston. In February, Rockpoint acquired a 607,000 square-foot distribution center at 40 Lackey Dam Road in Uxbridge from Scannell Properties for $120 million.

Across Greater Boston, industrial vacancies stood at 8.9 percent in the first half of 2025, compared with 8.5 percent at the end of 2024, according to a report by Boston-based brokerage Hunneman.

The 301 million square-foot industrial market has recorded 810,890 square feet of negative absorption year-to-date. 

One large block of space will become available in early 2026 in South Boston’s Pappas Commerce Center, where UPS is vacating its distribution center at 647B Summer St.

Asking rents for industrial space were flat at $16.46 per square foot.