JLL Capital Markets arranged the $36-million sale of a 54,504-square-foot industrial service facility occupied by FedEx Freight and located at 300 Bartlett St. in Northborough, MA. Senior managing director Michael Restivo and senior director David Coffman, along with director Tommy Hovey, represented seller NorthBridge Partners in the off-market transaction. LaSalle Investment Management acquired the asset.
Originally developed as a build-to-suit property for FedEx, the asset was recently expanded and now includes a cross-dock freight terminal, maintenance facility and supporting operational space. The low building-to-land coverage ratio, extensive secured yard area and purpose-built design make the facility difficult to replicate within the Greater Boston market, according to JLL.
“Purpose-built transportation assets leased to creditworthy occupiers continue to attract significant investor interest, particularly when they serve an essential role within a tenant’s network,” Restivo said. “300 Bartlett St. offered a rare opportunity to acquire a highly functional FedEx Freight facility in a supply-constrained logistics corridor serving Greater Boston and the broader New England region.”
