B&D Holdings acquires fully leased 109K SF industrial asset in Avon, MA for $18.5M

BOSTON, Dec. 5, 2024 –  JLL Capital Markets announced today it arranged the $18.5 million sale and acquisition financing for 21 Parker Drive, a 109,300-square-foot industrial asset in Avon, Massachusetts.

JLL represented the seller, Oliver Street Capital and Bain Capital Real Estate, in the sale to B&D Holdings. Working on behalf of the new owner, JLL also arranged the fixed-rate, three-year loan through Provident Bank.

Built in 1972, 21 Parker Drive features 17- to 32-foot clear heights, a 135-foot truck court depth, ample parking and over an acre of outdoor storage. The property offers suite options ranging from 5,600 to 49,080 square feet and is 100% leased to a diverse tenant base including Taylor Communications, HelloFresh and FreshPoint.

Strategically located within Avon Industrial Park, 21 Parker Drive provides superior accessibility to Boston's major transportation routes, including Routes 24 and 3, as well as Interstates 93, 95 and 495. This positioning facilitates seamless regional distribution, enhancing the property’s appeal to businesses seeking efficient transit links within New England’s bustling economic landscape.

The JLL Investment Sales and Advisory team was led by Managing Director Michael Restivo and Director David Coffman. Additionally, Managing Director Thomas E. Didio, Jr, Managing Director Amy Lousararian and Director Max Custer spearheaded the JLL Debt Advisory team.

“21 Parker Drive’s full occupancy, diverse tenant mix and substantial outdoor storage in an infill location exemplify the type of industrial assets that remain in high demand, even amidst rising interest rates,” said Restivo. “The competitive bidding process further emphasizes the sustained investor interest in strategically positioned industrial properties in the Greater Boston area.”

“This acquisition fits well into B&D’s main investment focus of highly functional infill shallow-bay warehouse and IOS industrial assets with strong leasing undercurrents”, added Rob Logan, Principal of B&D Holdings. “The Boston industrial market is a focus for our team, and we look forward to building off this investment as we explore future opportunities in the region.”

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.

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Oliver Street Capital is a Boston-based real estate investment firm focused on acquiring industrial properties on the east coast. The firm was founded in 2014 by Jonathan Hyde and Jonathan O’Donnell and has acquired over approximately 6 million square feet of industrial buildings as a firm. To find out more, visit www.oliverst.com.

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services.  The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed $9.6 billion of equity as of September 30, 2024 in 633 assets across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements.  Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.

B&D Holdings is a privately-held investment and development firm located in New Jersey. B&D has built a best-in-class investment management firm rooted in its entrepreneurial and creative spirit, born out of the Segal Family’s successful ownership and operation of one of the nation’s leading building supply companies, Bradco Supply.

Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.04 billion as of September 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.