BOSTON – JLL Capital Markets announced that it has closed the $31.4 million sale-leaseback of the 85,000-square-foot, state-of-the-art manufacturing facility at 220 Hopping Brook Rd. in the Boston-area suburb of Holliston, Massachusetts.
JLL marketed the property on behalf of the seller, Web Industries, who executed a 10-year sale-leaseback at market rent upon sale. Lincoln Property Company, in partnership with Stockbridge, acquired the asset through a very competitive bidding process.
220 Hopping Brook Rd. was originally built by Web Industries and has been their greater Boston home for more than 20 years. Web Industries is a 100% employee-owned company and market-leading provider of comprehensive outsource manufacturing and precision converting services in the aerospace, medical, personal and home care sectors. The building has served as a mission-critical part of the tenant’s operation, and they have invested significant capital into its transition from a traditional manufacturing facility into a GMP-ready asset with BSL-2 lab space, dry rooms, mezzanine and more.
Positioned on 13.47 acres, 220 Hopping Brook Rd. is well located within Holliston’s premier industrial park. This location provides easy access to both Interstates 495 and 90 and gives tenants in the park a deep bench of nearby talent from which to recruit. In recent years, the 495 Corridor has become a hot bed for GMP and manufacturing users, as the shift from traditional R&D demand to production has created an unprecedented amount of tenant demand requirements.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Director’s Michael Restivo and Martha Nay and Director Lenny Pierce, with support from JLL Brokerage’s Managing Director Neil Ross.
“This was an excellent opportunity for Lincoln to acquire a Class A manufacturing facility, while Web Industries was able to cash in on a hot industrial market to reinvest money back into their core manufacturing business,” Restivo said.
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.
