J
LL Capital Markets has structured a new partnership between Berkeley Partners and Invesco Real Estate, the $88 billion global real estate investment platform. The venture will focus on acquiring tough tech and advanced manufacturing assets in Greater Boston and the Bay Area.

    As its first transaction, JLL arranged the sale and acquisition financing of a four-property seed portfolio totaling 217,217 square feet in Greater Boston. The portfolio consists of three properties: 244 Vanderbilt Ave. in Norwood, 23 Rainin Rd. in Woburn, and two buildings at 33 and 37 Manning Rd. in Billerica.

    JLL worked with Berkeley to recapitalize the portfolio and secured Invesco Real Estate as a strategic equity partner. The venture will consider additional acquisitions to expand its portfolio. JLL also arranged a five-year, floating-rate acquisition loan through an institutional bank.

    The properties are located within 30 minutes of downtown Boston, offering access to a deep talent pool and world-class universities. They feature ample parking and heavy power capabilities, making them suitable for advanced manufacturing and R&D tenants.

    The portfolio is fully leased to seven diverse tenants across various industries, including advanced manufacturing, aerospace, and scientific instruments. The venture plans to invest in the properties to enhance their ability to accommodate R&D/advanced manufacturing tenants.

    A JLL Capital Markets team led by Michael Restivo, Andrew Gray, and David Coffman represented Berkeley Partners in the recapitalization and equity raise. Brett Paulsrud and Andrew Gray led the financing process, with support from Hugh Doherty and Ali Howard.

    "This seed portfolio and go-forward venture are well-positioned to capitalize on Greater Boston's thriving innovation economy," said Restivo. "The venture aims to compile a larger portfolio of similar quality properties in core innovation markets like Boston and San Francisco."