Photo courtesy of JLL

A sale-leaseback of a single-tenant warehouse in Billerica yielded $14.5 million for seller Iron Mountain.

The document storage company will continue to lease the 96 High St. property from the new owner, Ram Management Co. of Scarborough, Maine.

The property is located on a 18-acre site near Route 3, providing last-mile distribution capacity to the Boston urban market and northern suburbs. Originally completed in 1985, the 91,737-square-foot facility includes ceiling heights ranging from 27 to 44 feet and 10 loading doors.

JLL Managing Director Michael Restivo and Director Lenny Price represented the seller.

“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,” Restivo said in a statement.

Greater Boston industrial user demand is shifting toward smaller spaces in late 2022, according to JLL research. In the third quarter, 70 percent of leases totaled 100,000 square feet or less.