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BOSTON, March 21, 2018 – JLL's Capital Markets experts today announced the company has secured a $36.35 million, 10-year loan from a life insurance company to finance the purchase of a two-building industrial portfolio in suburban Boston. The loan was secured for Dallas-based L&B Realty Advisors, LLP, which acquired the industrial portfolio on behalf of an institutional client.
Senior Vice President Robert Borden and Executive Vice President Heather Brown led the JLL team handling the financing transaction.
The 775,000-square- foot portfolio consists of two 32-foot clear height warehouse distribution buildings in Massachusetts. They are: 1 Distribution Center Circle in Littleton, and 154 Campanelli Drive in Middleborough. Both buildings are 100 percent leased, with the 275,000-suqare-foot Middleborough property occupied by a single tenant. The 480,000-square-foot Littleton property is fully leased to six tenants.
"This fixed-rate financing is backed by fully-leased, Class A buildings with secure and durable rent rolls in a fundamentally solid industrial market and was secured on behalf of an exceptionally strong institutional sponsor," said Borden. "After assessing several competitive proposals, the life insurance company was able to provide the most compelling long term financing package for the asset."
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About L&B Realty Advisors
L&B Realty Advisors, LLP provides investment services including research, portfolio management, acquisitions, asset management and development management to institutional investors and individual clients in office, retail, industrial and multifamily real estate. The company manages a national portfolio of approximately 28 million square feet of office, retail, industrial and multifamily properties valued at $8.8 billion. For more information visit http://www.lbrealty.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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