JLL Completes Sale of High Bay Distribution Portfolio
Boston, MA – March 15, 2018 – As Greater Boston’s industrial fundamentals continue to strengthen to unprecedented levels, interest from institutional capital community has remained strong and attracted “new to market” investors. JLL’s Capital Markets experts recently announced the firm completed the sale of a pair of first-class distribution centers on behalf of Boston-based Novaya Real Estate Ventures, who has quickly become a successful aggregator of industrial product in New England. In their first acquisition of New England industrial product, Dallas-based L&B Realty Advisors purchased the 755,000 square foot portfolio for $72.7 million.
Managing Director Frank Petz, Senior Vice President Matt Sherry and Vice President George Gregory led the JLL team on the sale.
“The successful sale of 154 Campanelli Dr and 1 Distribution Center Cir. validates our thesis on the institutional attention towards Class A industrial properties of scale around Boston,” said Scott Tully of Novaya Real Estate Ventures. “JLL generated significant investor interest in the offering and we’re excited to see L&B add these properties to their portfolio. L&B has a strong familiarity with logistics real estate on a national level and became knowledgeable on the Boston market dynamics quickly.”
Petz expands, “L&B’s acquisition proves the revitalized focus on our local industrial market by national core investors. Quality distribution properties such as these have become highly coveted assets for investors looking to capitalize on E-commerce-driven shifts in consumer behavior, and it’s rare to find truly class A portfolio offerings near Boston.”
The buildings are located on the I-495 distribution ring, are fully occupied today, and have excellent occupancy histories. Boston’s overall Class A warehouse market has become incredibly tight, as evidenced by an unprecedented vacancy rate below 5%.
*Source: JLL Capital Markets