Boston-area low coverage, shallow-bay industrial property sells for $26M

BOSTON, May 14, 2025 – JLL Capital Markets announced today the $26 million sale of 295 Union Street, a low-coverage, 85,159-square-foot industrial property located in Walpole, Massachusetts.

JLL represented the sellers, Casco Real Estate Partners and Berkeley Partners, in the transaction. Stockbridge acquired the asset.

295 Union Street is leased to a mix of high-credit tenants, including Tesla, Home Depot and Goodyear. Recently repositioned to meet the needs of today’s institutional tenancy, it features 450 auto parking spaces, extensive outdoor storage capabilities, up to 30-foot clear heights, ESFR sprinkler systems, LED lighting and ample loading.

Located in Norfolk County, the property offers a strategic suburban location with convenient access to major transportation routes and numerous urban amenities, including the Walpole Mall. The site is adjacent to Route 1 and less than one mile from Interstate 95, providing seamless connectivity to Boston and its surrounding markets as well as Logan International Airport. 295 Union Street is also within an eight-minute drive of three MBTA Commuter Rail stations and sports strong corporate neighbors, making it an attractive site for industrial tenants seeking a strategic foothold in the Greater Boston market.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Michael Restivo and Directors David Coffman and Tommy Hovey. The asset was successfully leased up by JLL’s Joe Fabiano and Michael Ciummei, who also supported the sale process.

"295 Union Street is a rare find – a low-coverage, Class A industrial asset in Boston's severely supply-constrained infill market," said Restivo. "Its strategic location, modern specifications and roster of quality tenants will set it up to capitalize on the ongoing imbalance between industrial supply and demand in the region."

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.

For more news, videos and research resources, please visit JLL’s newsroom. 

Casco Real Estate Partners is a Boston-based, real estate investment firm specializing in the acquisition and development of high-quality industrial properties across select East Coast markets. Casco invests on behalf of established institutional and high net worth partnerships, with the intent of providing attractive risk-adjusted returns within the logistics and manufacturing sectors.

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 December 31, 2024, Berkeley Partners owns and operates approximately 11.7 million square feet of light industrial real estate with $2.6 billion of assets under management across targeted growth and gateway markets within the United States.

Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25 years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors, family offices and high net worth individuals. Stockbridge has approximately $35.2 billion of assets under management (as of December 31, 2024) spanning all major real estate property types, and certain specialty property types with an emphasis on residential and industrial space throughout the U.S. The firm has offices in San Francisco, Atlanta, Chicago, Dallas, Denver, and Phoenix. For more information, visit www.stockbridge.com.