BGO Acquires 132,055-SF Wrentham Industrial Warehouse from Bluewater Property Group and Affinius Capital for $34.9M

BOSTON — BGO has acquired a newly built, fully leased Class A industrial warehouse in Wrentham, Massachusetts, from Bluewater Property Group and Affinius Capital in a sale arranged by JLL Capital Markets, JLL announced Oct. 20, 2026. The sale price was $34.9 million, or approximately $264 per square foot.

The property, 545 Washington St., totals 132,055 square feet on 13.6 acres in Greater Boston's South industrial market. JLL represented the sellers, Bluewater Property Group and Affinius Capital, in the transaction.

JLL Capital Markets Team Led by Michael Restivo

The JLL Capital Markets team was led by Senior Managing Directors Michael Restivo and John Plower, along with Senior Director David Coffman and Director Tommy Hovey. Senior Managing Director Joe Fabiano of JLL's Leasing Advisory team also assisted in the sale.

"Investors recognized the compelling combination of institutional-quality construction, diversified tenancy across essential logistics sectors and the property's unmatched access to New England's primary transportation corridors," Restivo said. "The ability to acquire a stabilized, newly built asset with income certainty in a market experiencing tightening fundamentals drove strong buyer interest throughout the marketing process."

Property Details at 545 Washington St.

Completed in 2023, 545 Washington St. is a high-bay warehouse designed to meet modern logistics and distribution requirements. The building was developed on a two-parcel assemblage and is 100% occupied by two tenants. JLL said the property was fully leased shortly after completion.

The facility features:

• 36-foot clear heights
• 30 dock-high doors and two drive-in doors
• 13 trailer parking spaces and 155 vehicle parking spaces
• 3,000 amps of power
• ESFR fire protection and LED lighting
• Insulated precast concrete wall construction

JLL said the property's suite configuration, loading infrastructure and trailer storage are designed to support the operational needs of midsized occupiers, a segment the firm said continues to drive demand across the Greater Boston market. The building is positioned for warehouse, distribution and light industrial users.

Location and Regional Access

The property has direct access to Route 1 and sits close to Interstate 495, Interstate 95 and Interstate 295. It is approximately 21 miles from Providence, Rhode Island, 30 miles from Boston and 42 miles from Worcester, Massachusetts.

JLL said the location serves one of New England's key distribution corridors and offers access to a regional labor pool across southeastern Massachusetts and northern Rhode Island. The firm said the area supports an employment base that includes logistics, manufacturing, healthcare, life sciences and technology-related industries.

Greater Boston Industrial Market Context

Greater Boston's industrial market was tightening in 2026. A New England market report cited regional industrial vacancy of 7.6%, approximately 2.3 million square feet of absorption in the second quarter and nearly 4 million square feet of absorption during the first half of the year. The same report said speculative construction had slowed, reducing the pace at which new competing inventory was entering the market.

Against that backdrop, 545 Washington St. is among the newest institutional-quality industrial facilities in Greater Boston's South industrial market, according to JLL. Full occupancy by two tenants provides immediate cash flow, and the building's clear height, dock loading, trailer parking and electrical capacity align with logistics, distribution and light industrial requirements.

About the Parties

BGO is a global real estate investment management advisor serving more than 750 institutional clients. It had approximately US$100 billion of assets under management as of June 30, 2026, together with Bell Partners Inc., which Sun Life acquired and combined with BGO on July 2, 2026. BGO is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.

Bluewater Property Group is an industrial real estate investment, development and operating company with more than 25 years of experience in the logistics sector. Its principals and team members have, as part of a larger team, developed, acquired, managed and sold in excess of $10 billion of value and 150 million square feet of industrial assets.

Affinius Capital is an integrated institutional real estate investment firm with a 40-year track record and $64 billion in assets under management, with a portfolio across North America and Europe.

JLL (NYSE:JLL) reported annual revenue of $26.1 billion and a global workforce of more than 112,000 as of June 30, 2026. Its Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

JLL newsroom: https://www.jll.com/en-us/newsroom/jll-has-arranged-the-sale-of-545-washington-st