News release

Suburban Boston manufacturing facility trades for $7.4M

JLL Capital Markets arranged the sale of the fully leased warehouse with manufacturing and R&D space

May 11, 2021

BOSTON, May 11, 2021JLL Capital Markets announced today that it has closed the $7.4 million sale of a 44,406-square-foot industrial manufacturing facility at 244 Vanderbilt Ave. in the Boston-area community of Norwood, Massachusetts.

JLL represented the buyer, Berkeley Partners, which purchased the asset from Arris Partners, LLC.

244 Vanderbilt Ave. was completed in 1980 and features a 22-foot clear height, six loading positions and heavy power. The asset is fully leased leased to Source Code, which builds and tests custom computing hardware.

244 Vanderbilt Ave. is in Norwood about 22 miles south of downtown Boston between Interstate 95 and Highway 1. The building also is proximate to the Norwood Memorial Airport and within the South Boston Industrial submarket, which, according to JLL Research’s first quarter report has a low 5.5% vacancy and no new supply delivered year to date or in the construction pipeline.

The JLL Capital Markets team representing the buyer was led by Managing Directors Matthew Sherry and Director Michael Restivo.

“Demand for well-located and functional industrial and flex product continues to be top of mind for investors in the Boston market,” Restivo said. “As geographic preferences expand and absorption stays strong, the ceiling for product in New England seemingly continues to rise.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Berkeley Partners

Berkeley Partners, along with its affiliated entities, is a fully integrated principal investment firm focused exclusively on light industrial real estate. Since 2005, its affiliates have sponsored a series of value-add and core-plus investment vehicles dedicated to the light industrial sector. The firm’s vertically integrated platform includes competencies in asset management, property management, leasing management and construction management. As of December 31, 2020, Berkeley Partners owns and operates approximately 6.5 million square feet of light industrial real estate across targeted growth and gateway markets within the United States. Visit berkeleypartners.com to learn more.

About Arris Partners, LLC

Arris Partners, founded in 2017, brings an entrepreneurial approach to real estate investing with a focus on industrial properties. Arris continues to navigate a highly competitive market and successfully acquire quality assets outside of competitive marketing processes. To date, the company has acquired and/or developed approximately $150 million of assets. Please visit arrispartnersllc.com for more information.