JLL Income Property Trust, an institutionally-managed daily NAV REIT, has acquired a 200,000-square-foot class A industrial asset in Myles Standish Industrial Park in Boston for $25.7 million.
“The rise of technology and life science industries within the Boston metro market has resulted in significant population and income growth and a wave of new tenant migration to accommodate growing e-commerce demand,” according to JLL. “With a limited supply of class A product, industrial vacancy rates have fallen to their lowest levels in history with net absorption remaining positive for 20 of the past 25 quarters.”
Located in Boston’s largest industrial submarket, the Taunton Distribution Center features more than 6 million square feet of warehouse, distribution, manufacturing and office space.
It is located near New England’s primary transportation corridors and population centers and provides access to the I-495 highway system with direct connectivity to service Boston, Providence, Worchester and the greater New England region.
“Given the rise of e-commerce and demographic shifts within the Boston metro area, the industrial market has transformed to become the ‘end-of-the-line’ distribution hub for New England,” said Allan Swaringen, president and CEO of JLL Income Property Trust.
JLL said the buy follows its strategic approach to invest in modern, strategically located properties.
The investment boosts JLL’s aggregate industrial allocation to more than $700 million and 6.5 million square feet, representing 25 percent of the value of the overall JLL Income Property Trust portfolio, according to Swaringen.
