JLL Capital Markets has structured a new partnership between Berkeley Partners and Invesco Real Estate.
The new venture will target tough tech/advanced manufacturing assets in Greater Boston and the Bay Area.
As the first transaction of the venture, JLL arranged the sale and acquisition financing of a four-property seed portfolio totaling 217,217 square feet in Greater Boston. The seed portfolio, which was previously owned by Berkeley Partners, consists of 244 Vanderbilt Ave. in Norwood, 23 Rainin Rd. in Woburn, and 33 and 37 Manning Rd. in Billerica.
JLL worked on behalf of Berkeley to recapitalize the portfolio and secured Invesco Real Estate as a strategic equity partner to compile a larger portfolio of like-kind assets. In addition to the initial four-property recapitalization, the venture will consider bolt-on acquisitions to the portfolio. JLL also secured a five-year, floating-rate acquisition loan through an institutional bank.
Located within 30 m
