BOSTON – JLL Capital Markets announced that it has closed the sale-leaseback of 550 Forbes, a single-tenant warehouse totaling 215,575 square feet located just south of Boston in Mansfield, Massachusetts.
JLL represented the seller, FCA US (Stellantis), in the sale, and Berkeley Partners acquired the asset.
The 100-percent-leased 550 Forbes is occupied by FCA US LLC, a subsidiary of Stellantis (“FCA US”), a global automobile and mobility provider. Upon the sale, FCA US will be executing a sale-leaseback. The property features premier physical fundamentals, including 27-foot ceiling heights, generous column spacing and 14 loading docks.
Situated at 550 Forbes Blvd., the property is located within the sought-after Cabot Business Park. The park ideally sits at the intersection of Southern New England’s primary interstates of I-95 and I-495 providing seamless access to business and population hubs, such as Providence, Boston and Worcester.
The JLL Capital Markets Industrial team representing the seller was led by Managing Director Michael Restivo, Managing Director Joe Fabiano, Managing Director Dave MacDonald and Director Lenny Pierce. JLL is also handling the financing, led by Senior Managing Director Brett Paulsrud.
“The property presented an exceptional opportunity to acquire premier physical product within an established business park with less than a 2% vacancy rate” said Restivo. “We are grateful to have the opportunity to work with both FCA US and Berkeley Partners throughout this project.”