NorthBridge Partners sells 54,504-square-foot industrial property to LaSalle Investment Management
BOSTON– JLL Capital Markets has arranged the $36 million sale of a specialized industrial logistics facility occupied by FedEx Freight at 300 Bartlett St. in Northborough, Massachusetts. NorthBridge Partners sold the property to LaSalle Investment Management in an off-market transaction, with JLL representing the seller.
Located on approximately 25 acres along the Interstate 495 corridor, the 54,504-square-foot property is a fully leased truck terminal originally developed as a build-to-suit facility for FedEx. Recent expansion added capacity to the site, which includes a cross-dock freight terminal, maintenance facility and supporting operational space.
The facility is designed to accommodate high-volume freight operations, with 76 dock doors, 309 trailer parking positions and 116 employee parking spaces. Its extensive secured yard, efficient cross-dock configuration and relatively low building-to-land coverage make it a specialized industrial property that would be difficult to replicate in the Greater Boston market.
The terminal plays an important role in FedEx Freight’s regional distribution network and benefits from direct access to major transportation routes, including Interstates 495, 90 and 290, as well as Route 20. Its location provides connectivity to major markets throughout Massachusetts and New England, including Boston, Worcester, Providence and Manchester, New Hampshire. Nearby rail and intermodal infrastructure further supports freight movement throughout the Northeast.
Northborough is part of MetroWest Boston, an established logistics and distribution market supported by a substantial consumer and labor base. The region’s diverse business community includes companies in logistics, advanced manufacturing, life sciences, technology and distribution. Limited land availability and challenges associated with developing new specialized industrial facilities have also contributed to the area’s appeal for investors seeking well-located transportation and logistics properties.
“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,” said Michael Restivo, senior managing director at JLL. “300 Bartlett Street 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.”
The JLL Capital Markets team handling the transaction was led by Restivo and Senior Director David Coffman, along with Director Tommy Hovey.
