I-290 Industrial Park, here, for $39 million. The company is snagging the 576,930-sf property along with an additional 45,000 sf of development from an undisclosed owner, which purchased the park in 2001 in the "mid-$30s," according to Jones Lange LaSalle. JLL would not disclose the owner to GlobeSt.com inquiries, but a source at RREEF confirmed that RREEF previously owned the property.

The single-story industrial park is 90% leased with a mixture of manufacturing, distribution, R&D and warehouse tenants, including Shaw's Supermarkets, Pennzoil and Netflix. The park has easy-access to the highway, sitting on Interstate 290, the asphalt which dictates the park's moniker. The rent ranges from $5.25 to $9.50 per sf, according to a JLL brochure on the property, and the buildings range in size from 45,718 sf up to 111,577 sf. Both the owner and buyer were represented by JLL's capital markets team, specifically, managing directors Catherin Daume, Scott Jamieson and Mike Smith, as well as SVP Gail McDonough.

Jamieson says, in a statement, "the strategic location of this industrial park, combined with strong occupancy and credit tenancy, proved a great incentive for potential investors. The transaction provided strong investment gains for our client while allowing Cabot Properties to acquire a 90% leased park with tremendous upside potential."

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.