LaSalle Investment Management Buys FedEx Freight Terminal in Northborough From NorthBridge Partners for $36M

LaSalle Investment Management has acquired a fully leased FedEx Freight industrial service facility in Northborough, Massachusetts, from NorthBridge Partners for $36 million, JLL Capital Markets announced Nov. 6.

JLL represented NorthBridge Partners in the off-market sale of the 54,504-square-foot property at 300 Bartlett St. The price works out to approximately $660.50 per square foot.

Deal Details: LaSalle Investment Management Acquires 300 Bartlett Street

The property sits on approximately 25 acres and is a fully leased truck terminal occupied by FedEx Freight, JLL said. It was originally developed as a build-to-suit property for FedEx and was recently expanded to its current 54,504 square feet. The facility includes a cross-dock freight terminal, a maintenance facility and supporting operational space. It is also associated with Crossroads Industrial Park @495.

The terminal has 76 dock doors, 309 trailer parking positions and 116 employee parking spaces. JLL said the low building-to-land coverage ratio, extensive secured yard area and purpose-built design make the facility difficult to replicate in the Greater Boston market.

Municipal property records list a site area of approximately 436,150 square feet, or about 10 acres, a figure that differs from the roughly 25 acres cited in JLL's announcement.

The JLL Capital Markets team was led by Senior Managing Director Michael Restivo and Senior Director David Coffman, along with Director Tommy Hovey.

Location Along the Interstate 495 Corridor

The property is a mission-critical facility within FedEx Freight's regional network, JLL said. It is located along the Interstate 495 corridor, with access to Interstate 495, Interstate 90, Interstate 290 and Route 20. Those routes connect the site to Worcester, Boston, Providence and Manchester, as well as to rail and intermodal infrastructure that supports freight movement across the Northeast.

Northborough is part of MetroWest Boston, which JLL described as one of New England's most established logistics and distribution corridors. The property draws from a large regional consumer and labor base and sits near employers in logistics, advanced manufacturing, life sciences, technology and distribution. JLL cited barriers to new industrial development and limited availability of specialized transportation facilities as factors supporting long-term occupier demand.

"Purpose-built transportation assets leased to creditworthy occupiers continue to attract significant investor interest, particularly when they serve an essential role within a tenant's network," Restivo said. "300 Bartlett Street offered a rare opportunity to acquire a highly functional FedEx Freight facility in a supply-constrained logistics corridor serving Greater Boston and the broader New England region."

Pricing in the Context of the Greater Boston Industrial Market

The implied price of roughly $660.50 per square foot is well above broad-market industrial pricing in Greater Boston. Lee & Associates reported an average sale price of $195.29 per square foot, while Matthews put pricing at approximately $199 per square foot and reported Boston cap rates averaging 6.64%, up for 19 consecutive quarters.

Market data show a more balanced industrial market than during the rapid rent growth of the early 2020s. CBRE reported 8.2% vacancy in the third quarter of 2026. Lee & Associates reported 9.1% vacancy, negative absorption of 3.3 million square feet and average asking rents of $16.85 per square foot. Cushman & Wakefield reported 11.8% vacancy and average asking rents of $16.15 per square foot, and a Lincoln Property Company report put warehouse vacancy at 7.7%. The range reflects differences in geography and methodology among the reports.

The property's features differ from those of a conventional warehouse. They include a purpose-built terminal design, 76 dock doors, 309 trailer spaces, a large secured yard and occupancy by a major logistics user. Truck-terminal sites near Greater Boston are scarce.

Parties: NorthBridge Partners, LaSalle and JLL

NorthBridge Partners, founded in 2014, is a vertically integrated real estate investment manager specializing in last-mile logistics properties. It acquires, repositions and develops industrial assets in major markets.

LaSalle Investment Management, a subsidiary of JLL, manages US$86.6 billion of assets in private and public real estate equity and debt investments globally as of the first quarter of 2026. Its clients include public and private pension funds, insurance companies, governments, corporations, endowments and private individuals.

JLL is a publicly traded commercial real estate services and investment management company with annual revenue of $26.1 billion and a global workforce of approximately 112,000 as of Sept. 30, 2026. JLL's Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Outlook

The transaction comes as industrial investors are more selective, with vacancy elevated in several reports, absorption weaker and cap rates higher than their 2021 lows. In that environment, assets with credit tenancy, essential operating functions and limited direct competition, such as the Northborough terminal, have drawn investor attention.

Sources

• JLL Newsroom: JLL arranges $36M sale of FedEx industrial terminal in Greater Boston