News: Front Section
Posted: August 30, 2019
JLL Income Property Trust acquires 200,000 s/f distribution facility in Myles Standish Industrial Park for $25.7 million
Taunton, MA JLL Income Property Trust, an institutionally managed daily NAV REIT acquired Taunton Distribution Center, a 200,000 s/f class A industrial asset located in Myles Standish Industrial Park. The purchase price was $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. 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.
The property is in close proximity to New England’s primary transportation corridors and population centers and has access to the I-495 highway system with direct connectivity to service Boston, Providence, Worchester and the greater New England region. This is in line with JLL Income Property Trust’s strategic approach to invest in modern, strategically located properties. Set in Boston’s largest industrial submarket, the property is part of the Myles Standish Industrial Park which features more than 6 million s/f of warehouse, distribution, manufacturing and office space.
“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. “We are pleased to add this high-quality industrial property to our portfolio, as we increase exposure to core assets in high-barrier-to-entry markets. This investment brings our aggregate industrial allocation to over $700 million and 6.5 million s/f representing 25% of the value of the overall JLL Income Property Trust portfolio.”
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