JLL Income Property Trust Acquires West Boston Distribution Center for $36 Million
JLL Income Property Trust (NASDAQ: ZIPTAX) has announced the acquisition of the West Boston Distribution Center in Northborough, Massachusetts. The Class A industrial facility spans approximately 54,000 square feet and was purchased for roughly $36 million. The property is fully leased to a high-credit tenant under a recently extended 14-year lease that includes annual rent escalations of 2.5%. The acquisition strengthens the REIT's industrial exposure, which currently represents 40% of its $7.1 billion portfolio. Management noted that the warehouse sector remains a high-conviction area due to resilient fundamentals and limited supply in the Greater Boston market. The facility features recent upgrades, including additional dock doors and expanded maintenance space, positioned near major transportation arteries I-495 and I-90.
Topics: Asset Acquisition Industrial Real Estate Logistics REIT