JLL REIT Buys Distribution Center in West Boston Submarket

Chicago-based real estate investment trust JLL Income Property Trust recently announced the acquisition of a premier Class A distribution facility located in Northborough, Mass., in the western region of the Boston MSA. The property was reportedly acquired for approximately $36 million.

Totaling roughly 54,000 square feet of greater Boston industrial space, the property was 100% leased at the time of sale, with a recently extended 14-year remaining lease term featuring 2.5% annual escalations.

Strategically located with convenient access to Interstate 495 and Interstate 90, West Boston Distribution Center fills a geographic gap for the tenant by providing direct connectivity to the greater Boston transportation network and enabling efficient regional and national distribution.

The distribution center was recently upgraded with 20 additional dock doors, new electric forklifts, an additional maintenance facility totaling 10,000 square feet, and above-market parking capacity at 116 auto stalls and 306 trailer stalls.

“The West Boston Distribution Center is an attractive addition to our industrial portfolio,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “The warehouse sector has helped drive performance for our core fund, demonstrating resilient fundamentals even as the broader market experienced valuation corrections over the past three years. Looking ahead, our research team anticipates continued rent growth for the sector. With limited supply of these facilities in the Greater Boston market creating strong demand, this acquisition fits our ideal profile for an institutional-quality industrial facility with a high-credit-quality tenant in an infill location.”

According to data analyzed for our monthly national industrial report, year-to-date sales in the Boston industrial market added up to $913 million through September — the third-highest sales total among Northeastern U.S. industrial markets — with transactions averaging $219.4 per square foot.

Philadelphia had the largest construction pipeline in the region, with developers here working on 9.21 million square feet of new industrial space at the start of October. At the same time, construction in Boston totaled roughly 2.8 million square feet, which represented the smallest pipeline in the region at the start of Q4 2026.