JLL arranges sale and financing for Boston flex industrial portfolio

BOSTON, Mar. 24, 2025 – JLL Capital Markets announced today that it has structured a new partnership between Berkeley Partners (“Berkeley”) and Invesco Real Estate, the $88 billion global real estate investment platform of Invesco Ltd. The new venture will target tough tech/advanced manufacturing assets in Greater Boston and the Bay Area.

As the first transaction of the venture, JLL arranged the sale and acquisition financing of a four-property seed portfolio totaling 217,217 square feet in Greater Boston, Massachusetts. The seed portfolio, which was previously owned by Berkeley Partners, consists of 244 Vanderbilt Ave. in Norwood, 23 Rainin Rd. in Woburn and 33 and 37 Manning Rd. in Billerica.

JLL worked on behalf of Berkeley to recapitalize the portfolio and secured Invesco Real Estate as a strategic equity partner to compile a larger portfolio of like-kind assets. In addition to the initial four-property recapitalization, the venture will consider bolt-on acquisitions to the portfolio. JLL also secured a five-year, floating-rate acquisition loan through an institutional bank.

Located within 30 minutes of downtown Boston, the assets provide convenient access to the region's deep talent pool and world-class universities. The buildings feature ample parking and heavy power capabilities to support advanced manufacturing and R&D tenants.

The portfolio is fully leased to seven diverse tenants representing industries including advanced manufacturing, aerospace and aviation technology, mobility and transportation solutions, printing and imaging technology, supply chain logistics and scientific instruments and sensors. The venture will strategically invest capital to further enhance the buildings’ ability to accommodate R&D/advanced manufacturing tenants.

The JLL Capital Markets team representing Berkeley Partners in the recapitalization and equity raise was led by Managing Directors Michael Restivo and Andrew Gray and Director David Coffman. The financing process was led by Senior Managing Director Brett Paulsrud and Managing Director Andrew Gray. Associate Hugh Doherty and Analyst Ali Howard provided analytical support throughout the processes.

"With significant mark-to-market opportunity and the ability to reposition assets for higher-value uses, this seed portfolio and go-forward venture are well-positioned to capitalize on Greater Boston's thriving innovation economy," said Restivo. "The venture aims to compile a larger portfolio of similar quality properties in the core innovation markets such as Boston and San Francisco, aligning with the growing demand for 'superflex' product in these key markets."

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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Established in 2005, Berkeley Partners is home to a seasoned team of professionals with diverse expertise in real estate investment, property management and fund management.

With a proven ability to efficiently acquire industrial real estate and effectively manage investments’ operations and dispositions through market cycles, our team has aggregated a dynamic portfolio of industrial properties.

With a portfolio spanning over 11 million square feet across select high-growth U.S. cities and submarkets, Berkeley Partners has established a national footprint combined with a regional presence to provide diverse investment opportunities, including value-add funds, joint ventures and separate accounts. We are known for our commitment to cultivating a strong operator culture.

Invesco Real Estate is a global leader in the real estate investment management business with $88 billion in real estate assets under management, 606 employees and 21 regional offices across the U.S., Europe and Asia Pacific as of September 30, 2024. With a 40-year history, Invesco Real Estate invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.