JLL Income Property Trust Buys $90M Distribution Center Near Boston
JLL Income Property Trust, a daily net asset value nontraded real estate investment trust sponsored by LaSalle Investment Management, has bought Worcester Distribution Center, a 396,000-square-foot industrial building in the Western Boston submarket, for about $90 million.
The property was built in 2022 and is 100% leased to a single tenant on a long-term basis. It has 36-foot clear heights and buildouts for refrigeration, temperature-controlled space, automation, and a storage vault. It has access to Interstates 90 and 495.
The company declined to disclose the tenant’s name or lease terms.
The deal, which closed Sept. 25, follows the REIT’s $137 million purchase of Whitestown Distribution Center IV in August. That property is a 1.1-million-square-foot warehouse in Whitestown, Ind. In April, the REIT bought Whitestown Distribution Center III for $60 million.
Industrial properties now make up 39% of the REIT’s portfolio of about $7 billion in equity and debt investments, or $2.7 billion across 66 properties, the company said. As of June 30, industrial accounted for 38%, or about $2.5 billion across 64 properties.
“Worcester Distribution Center is an important addition to our expanding industrial portfolio,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “The cost of fuel has continued to rise, widening the imbalance between the costs of transportation and rent. As a result, demand for well-located industrial properties proximate to nodes of critical transportation infrastructure has increased.”
“We have long prioritized logistics centers near these key transportation epicenters, and Worcester Distribution Center aligns with our industrial strategy to position a meaningful share of the portfolio to capitalize on these longer-term demand drivers,” Swaringen said.
In September, the REIT raised its healthcare allocation to 10% with a $19 million purchase of an outpatient building near Sacramento, Calif. In August, it completed its 20th full-cycle UPREIT transaction, bringing the total to $1.5 billion.
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