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Industrial Will Remain “Economic Bright Spot” for Boston
Despite the devastating health impacts of the COVID-19 pandemic, industrial demand is anticipated to be “an economic bright spot,” JLL says. “Boston has been no exception. We expect the e-commerce trend to accelerate and continue as investors have begun to respond with a sizeable development pipeline to meet tenant demand.”
As an illustration of the Boston industrial sector’s vitality, JLL’s first-quarter report notes that the largest single-property warehouse and distribution capital markets transaction ever recorded in Massachusetts occurred in Q1. The 829,000-square-foot former Necco candy factory in Revere traded hands for $355 million, or $430 per square foot.
“The property was purchased vacant by Atlantic Management in April of 2017 for $54 million, or $66 per square foot, and was shortly thereafter leased by a large e-commerce tenant as a mega last-mile logistics facility,” JLL reports. “This landmark deal provides credence to the urban infill logistics trend overtaking the country.”
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