Berkeley Partners Recapitalizes Greater Boston Industrial Portfolio

JLL Capital Markets structured a new partnership between Berkeley Partners and Invesco Real Estate, targeting tough tech/advanced manufacturing assets in Greater Boston and the Bay Area. As the first transaction of the venture, JLL arranged the sale and acquisition financing of a four-property seed portfolio totaling 217,217 square feet in Greater Boston. The seed portfolio, previously owned by Berkeley Partners, consists of 244 Vanderbilt Ave. in Norwood, 23 Rainin Rd. in Woburn and 33 and 37 Manning Rd. in Billerica.

JLL worked on behalf of Berkeley to recapitalize the portfolio and secured Invesco Real Estate as a strategic equity partner to compile a larger portfolio of like-kind assets. The firm also secured a five-year, floating-rate acquisition loan through an institutional bank.

The JLL Capital Markets team representing Berkeley Partners in the recapitalization and equity raise was led by managing directors Michael Restivo and Andrew Gray and director David Coffman. The financing process was led by senior managing director Brett Paulsrud and Managing director Andrew Gray. Associate Hugh Doherty and analyst Ali Howard provided analytical support throughout the processes. 

Pictured: 33 Manning Rd. Photo courtesy of Farley White Interests.