JLL Income Property Trust acquires Massachusetts industrial facility for $36 million
The real estate investment trust has purchased the 54,000-square-foot West Boston Distribution Center to expand its industrial portfolio.
JLL Income Property Trust has acquired the West Boston Distribution Center in Northborough, Massachusetts, for approximately $36 million. The 54,000-square-foot facility serves as a key logistical hub due to its proximity to the I-495 and I-90 corridors, providing connectivity to the greater Boston market.
The property is fully leased to a single tenant with 14 years remaining on the contract and includes 2.5% annual rent escalations. Recent upgrades to the site include the addition of 20 loading docks, an updated fleet of electric forklifts, and a 10,000-square-foot maintenance building. The site also features substantial parking infrastructure, with space for 116 passenger vehicles and 306 trailers.
Allan Swaringen, President and CEO of JLL Income Property Trust, noted that the industrial sector remains a core focus for the fund. Following this transaction, industrial assets now represent 40% of the firm's $7.1 billion total portfolio, comprising 66 properties valued at $2.7 billion.