JLL Income Property Trust Acquires $36 Million West Boston Distribution Center
JLL Income Property Trust has acquired West Boston Distribution Center, a Class A industrial facility in Northborough, Massachusetts, for approximately $36 million, expanding its industrial real estate portfolio in the Greater Boston market.
The property covers approximately 54,000 square feet and was fully leased at the time of acquisition. Its recently extended tenant agreement has 14 years remaining, with contractual annual rent escalations of 2.5%.
Located in the western region of the Boston Metropolitan Statistical Area, the distribution centre offers convenient access to Interstate 495 and Interstate 90. The location provides direct connections to the wider Boston transportation network, supporting regional and national distribution operations.
Upgrades strengthen the distribution facility
West Boston Distribution Center has undergone several upgrades to improve its operational capacity. The improvements include 20 additional dock doors, new electric forklifts and an additional maintenance facility measuring 10,000 square feet.
The property also offers 116 automobile parking spaces and 306 trailer parking spaces. These facilities provide additional capacity for distribution and logistics operations.
JLL Income Property Trust President and CEO Allan Swaringen described the acquisition as a valuable addition to the trust's industrial portfolio. He highlighted the warehouse sector's contribution to the fund's performance and the company's expectation of continued rental growth in the sector.
Swaringen also pointed to limited availability of comparable facilities across Greater Boston, alongside demand for institutional-quality industrial properties with established tenants.
Industrial assets account for 40% of the portfolio
The acquisition further strengthens industrial real estate's position within JLL Income Property Trust's investment strategy.
Following the transaction, warehouse properties represent approximately 40% of the trust's $7.1 billion portfolio. The company holds $2.7 billion in industrial assets across 66 properties, making the sector its largest portfolio allocation.
The purchase adds another fully leased property to its industrial holdings, with a long-term tenant commitment and contractual rent increases.
The investment reflects the trust's continued focus on industrial facilities in established markets, particularly properties offering strategic transportation access and stable occupancy.
