JLL Capital Markets has arranged the off-market sale of an industrial service facility occupied by FedEx Freight at 300 Bartlett St. in Northborough, MA. The 54,504-square-foot property changed hands for $36 million, with JLL representing the seller, NorthBridge Partners, in the transaction. LaSalle Investment Management acquired the asset, which continues to serve FedEx Freight under its existing occupancy.
The JLL Capital Markets team on the assignment comprised senior managing director Michael Restivo, senior director David Coffman and director Tommy Hovey. The team represented NorthBridge Partners in the disposition and coordinated the off-market process that resulted in LaSalle Investment Management purchasing the facility.
The property was originally developed as a build-to-suit asset for FedEx and has been recently expanded to support the tenant’s freight operations. The site now features a cross-dock freight terminal, a maintenance facility and additional operational space tailored to the transportation user. According to JLL, the combination of specialized improvements and recent expansion underscores the asset’s alignment with FedEx Freight’s network needs.
JLL also noted that the facility benefits from a low building-to-land coverage ratio and an extensive secured yard area. These characteristics, together with the asset’s purpose-built design, contribute to its functional utility and make it difficult to replicate within the Greater Boston industrial market. The secured yard and cross-dock configuration are particularly suited to high-throughput freight and logistics activity.
Commentary from JLL highlighted ongoing investor interest in transportation and logistics properties leased to creditworthy occupiers, especially those that play an essential role in a tenant’s broader operating network. In this case, 300 Bartlett St. was described as a rare opportunity to acquire a highly functional FedEx Freight facility within a supply-constrained logistics corridor that serves both Greater Boston and the wider New England region.
