$14.5M sale-leaseback of a single-tenant warehouse near Boston closes

BOSTON, November 29, 2022 – JLL Capital Markets announced today that it has closed the $14.5 million sale-leaseback of 96 High St., a single-tenant warehouse totaling 91,737 square feet in Billerica, Massachusetts.

JLL represented the seller, Iron Mountain Information Management, in the sale to Ram Management Co. Iron Mountain Information Management, a subsidiary of Iron Mountain, will continue to lease the space as the tenant.

The property, originally constructed in 1985, features a total of 10 loading doors, 38 surface parking spots and ceiling heights rising to 27’ in the front warehouse and over 44’ in the rear. According to JLL’s Boston Industrial Insight – Q3 2022, demand has shifted away from larger distribution centers to smaller spaces, with 70% of leases in the last quarter for 100,000 square feet or smaller.

96 High St. is located on 17.74 acres in Greater Boston’s most supply-constrained industrial submarket, the North market. Situated near Route 3 within I-495, the property can serve as a last-mile distribution facility for Boston, Cambridge and Somerville, and offers unbeatable access to the surrounding suburban towns and cities.

The JLL Capital Markets Industrial team representing the seller was led by Managing Director Michael Restivo and Director Lenny Pierce.

“The acquisition speaks to the resiliency of Boston’s North industrial submarket. Despite macroeconomic headwinds, the demand for space continues to increase across flex, R&D and warehouse,” said Restivo. “This trade provides flexibility for Iron Mountain in their continued operation and, for RAM, a strategic piece of real estate that will cater to the evolving North market for years to come.”

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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Iron Mountain Incorporated (NYSE: IRM) is a global business dedicated to storing, protecting and managing, information and assets. Organizations across the globe trust them to store and protect information and assets. Thousands of local enterprises work with them, as does almost all of the FORTUNE 1000. From critical business information to geological samples, works of fine art to original recordings of treasured artists, their customers can rely on them to protect what they value and help unlock its potential.

For over four decades, The RAM Companies has set the standard for excellence in the acquisition, development and management of high-quality real estate assets. RAM's extensive portfolio has included Class-A office complexes, large industrial facilities, retail centers, and luxury condominium communities, as well as many historic properties.