JLL Income Property Trust, a daily NAV real estate investment trust, has purchased Taunton Distribution Center, a 200,000-square-foot Class A industrial property located in the Myles Standish Industrial Park, one of Greater Boston’s industrial “super parks.” The purchase price was $25.7 million.
Set in Boston’s largest industrial submarket, Myles Standish Industrial Park has more than six million square feet of warehouse, distribution, manufacturing and office space.
The company noted that 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. Coupled 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 company said.
“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 chief executive officer 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 square feet representing 25 percent of the value of the overall JLL Income Property Trust portfolio.”
The property is in close proximity to New England’s primary transportation corridors and population centers with access to the I-495 highway system to service Boston, Providence, Worchester and the greater New England region.
As reported by The DI Wire earlier this month, the REIT’s board approved a special dividend of $0.04 per share to stockholders, stemming from the sale of 111 Sutter Street in San Francisco.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $2 billion portfolio of 70 office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.9 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.