JLL Income Property Trust Acquires Warehouse in Greater Boston Area
JLL Income Property Trust has acquired Worcester Distribution Center, a Class A industrial building in the Western Boston submarket, for approximately $90 million. The facility, built in 2022, is 100% leased.
JLL Income Property Trust announced the acquisition of Worcester Distribution Center, an industrial facility located in the Western Boston submarket. The purchase price for the property was approximately $90 million.
The 396,000-square-foot building was constructed in 2022 and is fully leased to a single tenant on a long-term basis. The facility features a 36-foot clear height and is designed for specialized storage, including refrigeration and automated systems. Its location provides convenient access to major transportation corridors like I-90 and I-495, facilitating efficient distribution across the East Coast.
"Worcester Distribution Center is an important addition to our expanding industrial portfolio," said Allan Swaringen, President and CEO of JLL Income Property Trust. "Rising fuel costs have increased the demand for well-located industrial properties near critical transportation infrastructure, and this facility aligns with our strategy to capitalize on these longer-term demand drivers."
With this acquisition, warehouse investments now represent 39% of JLL Income Property Trust's $7.0 billion portfolio. The trust holds $2.7 billion in assets across 66 industrial properties.