JLL arranges $62.5M financing for advanced manufacturing campus in Bedford, Massachusetts

BOSTON, Aug. 31, 2026 – JLL Capital Markets announced today it arranged $62.5 million in financing for 44 Middlesex Turnpike, a 23.4-acre advanced manufacturing campus in Bedford, Massachusetts.

JLL worked on behalf of the borrower, a partnership between Wheelock Street Capital and Camber Development, to secure the loan through Blue Light Capital.

The property consists of a newly completed, Class A, 148,458-square-foot advanced manufacturing facility and an adjacent 12.3-acre pad-ready development site entitled for an additional 147,000 square feet. Upon completion of the second phase, the campus will total 295,000 square feet of state-of-the-art advanced manufacturing space. The first building delivered at the end of 2024 and is currently 32% leased to Fourth Power, an energy sustainability and grid resilience company. The technology Fourth Power is commercializing, a long duration thermal energy storage system, spun out of MIT, where its founder is a Professor, and is backed by Munich Re Ventures, DCVC, and Bill Gates’ Breakthrough Energy Ventures.

44 Middlesex Turnpike is a purpose-built facility that features market-leading specifications for advanced manufacturing users, including 36-foot to 40-foot clear heights in high-bay areas, 8,600 amps of power per building (17,200 amps total), flexible mezzanine space with 20-foot clear heights, 40-foot by 40-foot column spacing and six loading docks per building. The reinforced roof structure accommodates rooftop mechanical systems, eliminating loss factors and providing flexibility for tenants requiring specialized buildouts. These attributes distinguish the asset from older vintage converted flex industrial buildings that historically served this manufacturing tenant segment.

Located on Middlesex Turnpike, the property provides immediate access to Route 3 and connects to Interstate 95 in five minutes and downtown Boston in 20 minutes. The location serves executive and R&D talent throughout the Boston suburbs while accessing a densely populated manufacturing workforce concentrated north of Boston through southern New Hampshire. The site sits within a 30-minute drive of roughly 500,000 people and reaches more than 2.1 million people within a 60-minute commute.

Bedford and the surrounding North Market have emerged as Greater Boston's primary hub for advanced manufacturing given the area's connectivity to Cambridge and inventory of high-powered buildings. The immediate vicinity is home to a growing number of prominent advanced manufacturing, life science and technology employers. The location also benefits from proximity to MIT's Lincoln Laboratory, which conducts advanced technology research and development for national security applications, and the MIT Bates Laboratory, a research facility associated with MIT's Laboratory for Nuclear Science.

The Greater Boston market has experienced significant growth in advanced manufacturing tenant demand over the last 12 months, driven by venture capital investment in sectors headlined by physical AI and robotics, aerospace and defense, energy storage and climate technology, semiconductor development, 3D printing, medical devices and biomanufacturing. Massachusetts ranks second nationally in advanced manufacturing investments since 2020 and first in per capita investment.

The JLL Capital Markets team was led by Senior Managing Directors Brett Paulsrud and Steve Klein, Director Ryan Parker, Vice President Hugh Doherty and Analyst Libby Horton.

"The joint venture between Wheelock Street Capital and Camber Development created a differentiated product that addresses the growing demand from companies in robotics, energy storage, semiconductor and climate technology sectors," Paulsrud said. "The property's location in Bedford provides optimal access to both the engineering talent concentrated in the Boston suburbs and the manufacturing workforce throughout the North Market."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group 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. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised approximately $6 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently raising its eighth fund in its value-added series, Wheelock Street Real Estate Fund VIII in addition to its perpetual life core-plus fund, Wheelock Street Long Term Value Fund. Wheelock's investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 15-year track record of demonstrated and consistent outperformance over industry benchmarks. For more information visit wheelockst.com.

Camber Development is a Boston-based real estate investor and operator. With a targeted focus on the advanced manufacturing, logistics and life science ecosystem, Camber develops and operates best-in-class properties to foster its tenant partners’ scientific advancement, technology development and manufacturing and distribution implementation. Camber operates a 3 million square foot, 14-property portfolio of innovative industrial real estate throughout Greater Boston.  www.camberdev.com

Blue Light Capital, founded by Michael Tepedino, is a joint venture among Jeremy Burton, Greg Manocherian, Pan Am Equities, and an institutional partner with over $300BN of assets under management.  To date, the firm has deployed $300MM of capital since inception. The platform combines industry veterans with decades of experience in commercial mortgage origination and operational expertise to establish a robust and synergistic credit investment business. The Platform’s flexible business strategy allows it to both originate high yielding bridge loans and acquire notes across various asset classes nationwide, with a targeted deal size of $25-75MM. Blue Light’s partners have owned and operated real estate for over 50 years and completed over $50BN in CRE transactions.