Transactions - JANUARY 10, 2022

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Hines announces second logistics development in South Korea

by Andrea Zander

Hines announced the development of Iljuk Logistics Center in South Korea. The project represents the third cold storage and fourth logistics development for Hines in the Asia Pacific region in the past year.

The one million-square-foot, four-story logistics center is located on the border of Anseong and Icheon, the primary distribution submarket of greater Seoul with convenient connectivity to 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 clear heights of more than 30 feet, floor loads exceeding two tons, and truck access to all levels of the building. The development also will target LEED Certification.

“Anseong is a strategic distribution submarket for us, and a new Hines 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.

Hines has significantly expan

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