JLL Capital Markets secures the sale of a 607K SF Class A industrial distribution center in the Worcester, MA submarket

BOSTON, Feb. 21, 2025 –  JLL Capital Markets announced today it arranged the $120 million sale and acquisition financing for Uxbridge Distribution Center, a newly constructed 607,486 square-foot distribution facility located at 40 Lackey Dam Rd. in Uxbridge, Massachusetts.

JLL represented the sellers, Scannell Properties and a real estate fund advised by Crow Holdings Capital, in the sale to Rockpoint. Working on behalf of the new owner, JLL also arranged the fixed-rate, five-year loan through accounts managed by global investment firm KKR.

Completed in 2023, Uxbridge Distribution Center sits on 70 acres and features 40-foot clear heights, 125 loading docks, four drive-in doors, 6,000 amps of power and ample parking for both vehicles and trailers. The Class A facility is 73% leased, anchored by a 444,413 square foot lease to a leading company in the healthcare industry for wholesale medical supplies and equipment, pharmaceutical distribution and healthcare technology solutions.

Strategically positioned along Route 146, the property offers easy access to major interstates including I-90, I-495 and I-395. Its location 13 miles from Worcester, 26 miles from Providence, and 52 miles from Boston makes it ideal for serving New England’s population centers.

The JLL Investment Sales and Advisory team was led by Managing Director Michael Restivo and Director David Coffman. Additionally, Executive Managing Director Riaz Cassum and Managing Director Andrew Gray spearheaded the JLL Debt Advisory team.

"Uxbridge Distribution Center offered a one-of-a-kind opportunity to acquire long-term, credit cash flow in Boston's highly sought-after industrial market," said Restivo. "Assets of this caliber – featuring new construction, a credit tenant and strategic positioning in a key market – are extremely scarce. This property not only provides stable, long-term cash flow but also offers potential for value creation through lease-up of the remaining space."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed 615 development projects totaling 150 million SF. For more information, visit scannellproperties.com.

Crow Holdings Capital (CHC) is a real estate investment management company specializing in multifamily, industrial, and specialty property types delivered through strategies that span the risk-return spectrum. Since 1998, CHC has created a diversified portfolio in partnership with leading global investors and generating attractive returns across multiple market cycles. Led by a highly experienced leadership team, CHC manages $19 billion in real estate assets and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $33 billion of assets under management, and an established platform with a vision for continued success. The firm’s ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit www.crowholdings.com.

Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion. To learn more, visit www.rockpoint.com.