The portfolio takes up a total of 217,217 square feet, with the following properties included: 23 Rainin Rd in Woburn, 244 Vanderbilt Ave. in Norwood, as well as 33 and 37 Manning Rd in Billerica.
All of which were previously operated by Berkeley and are within 30 minutes of Downtown Boston. Also, the portfolio is 100 percent leased to seven tenants, whose industries include imaging technology and printing, aerospace, aviation technology, mobility, advanced manufacturing, logistics, as well as scientific instruments and sensors.
Along with the JV, JLL also arranged the financing for the portfolio deal. While the exact cost was not clear, the broker said it secured a five-year floating-rate acquisition loan to close the deal.
The properties contain what JLL calls “heavy power capabilities” that will help support research and development and enhanced manufacturing. Also, the buildings feature ample parking.
But this only marks the first move for the new JV. Berkeley and Invesco are not only planning more activity in Boston — but will target the Bay Area as well. Specifically, the focus will be on advanced manufacturing buildings and investments to improve functions at those properties.
“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,” Michael Restivo, managing director of JLL, said in a statement.
“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.”
According to Berkeley, it manages 40 industrial properties in Boston currently spanning more than 4.2 million square feet, and over 1.1 million square feet in the Bay Area across 10 properties.
While uncertainties remain with tariffs and the economy, Jason Price, Americas head of logistics and industrial research at Cushman & Wakefield, recently noted that companies are stockpiling imported goods, which could give the industrial space a “short-term bump in demand.”
