Sale-leaseback of single-tenant warehouse located south of Boston closes
JLL Capital Markets closed the sale of the 215,575-square-foot 550 Forbes in Mansfield, Massachusetts
BOSTON, Jan. 19, 2023 – JLL Capital Markets announced today 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.”
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.
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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About FCA US (Stellantis)
FCA is a subsidiary of Stellantis. Stellantis is a leading global automaker and mobility provider. Headquarted in the Netherlands, Stellantis employs over 280,000 people globally. Stellantis was formed on January 2021, from the merger of Fiat Chrysler Automobiles and PSA Group. The combination of the two companies created the world’s fourth- largest automaker, with 14 automobile brands. Publicly traded on the NYSE, Stellantis reported 149.42 billion in revenue.
About Berkeley Partners
Berkeley Partners, along with its affiliated entities, is a fully integrated principal investment firm focused exclusively on 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 September 30, 2022, Berkeley Partners owns and operates approximately 11.0 million square feet of light industrial real estate with $2.2 billion of assets under management across targeted growth and gateway markets within the United States.