BOSTON – JLL Capital Markets announced that it has closed the $5.3 million sale of a 32,040-square-foot vacant industrial warehouse facility at 357 Fortune Blvd. in the Boston-area suburb of Milford, Massachusetts.
Situated on 3.7 acres, 357 Fortune Blvd. is in the town of Milford, a southeastern suburb about 26 miles from downtown Boston. The property is along the bustling 495 South Industrial Corridor with Interstate 95 to the south and Interstate 90 to the west. This stretch of highway is within the Metro South Industrial submarket, the largest submarket in the Boston MSA.
357 Fortune Blvd. was constructed in 1990 and features a small office build-out and a one-story warehouse with a more than 23-foot clear height, two dock-high doors, three drive-in doors and room for expansion of the building or extra trailer storage.
According to JLL Research, Boston’s industrial market became even tighter in the third quarter of 2021 due to demand rising to record levels. This demand surged by 64 percent and is spearheaded by large retail/ecommerce companies looking for distribution space. The Boston Industrial market is also seeing a near all-time low vacancy of 4.7 percent and currently ranks fifth out of 63 U.S. markets for rent growth.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Director Michael Restivo and Director Lenny Pierce.
“Bids from other users and investors outpaced our pricing guidance dramatically by the end of our sale process,” Pierce said. “The eventual number here represents another case study for how competitive the investment pool has become for vacant industrial and flex assets.”
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.