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JONES LANG LASALLE INCORPORATED

(JLL)
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Delayed Nyse  -  04:00:02 2023-01-26 pm EST
181.94 USD   +2.40%
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Jones Lang LaSalle Incorporated : $14.5M sale-leaseback of a single-tenant warehouse near Boston closes

11/30/2022 | 09:43am EST

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.

For more news, videos and research resources on JLL, please visit our newsroom.

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Jones Lang LaSalle Inc. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 14:42:11 UTC.


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Financials (USD)
Sales 2022 20 860 M - -
Net income 2022 721 M - -
Net Debt 2022 1 529 M - -
P/E ratio 2022 12,8x
Yield 2022 -
Capitalization 8 635 M 8 635 M -
EV / Sales 2022 0,49x
EV / Sales 2023 0,47x
Nbr of Employees 98 200
Free-Float 90,6%
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Number of Analysts 8
Last Close Price 181,94 $
Average target price 218,71 $
Spread / Average Target 20,2%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Barbara Cominelli CEO
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
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