News release

Industrial building acquisition near Boston financed for $20.36M

JLL Capital Markets arranged the loan for the fully leased facility in Peabody, Mass.

June 06, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

BOSTON, June 6, 2022 – JLL Capital Markets announced today that it has arranged $20.36 million in acquisition financing for a fully leased, 157,293-square-foot industrial building at 1 Second St. in the northern Boston suburb of Peabody, Massachusetts.

JLL worked on behalf of the borrower, a partnership between Oliver Street Capital and Bain Capital Real Estate, to place the seven-year, fixed-rate, non-recourse loan with Metro Credit Union.

Constructed in 1986, 1 Second St. is home to two tenants, Wakefield Moving Storage, a residential and commercial moving company that operates its headquarters from the property, and Paradigm Precision, which provides complex machining, fabrications and assemblies primarily for gas turbine engines. The building offers its tenants 24-foot clear heights, 17 tailboard docks, one drive-in door and ample parking.

1 Second St. is in Peabody, which is 18 miles north of Boston along three major regional throughfares, Interstate 95 and Routes 128 and 1. The property benefits from a strategic logistical location within the 307-acre master-planned Centennial Park, which provides easy access regional transportation infrastructure. Additionally, the property is within Boston’s North Warehouse and Distribution Industrial submarket, which has seen increased demand and constrained supply.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brett Paulsrud and Director Amy Lousararian.

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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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Oliver Street Capital

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 5 million square feet of industrial buildings as a firm.

About Bain Capital Real Estate

Bain Capital Real Estate (BCRE) 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. BCRE is an affiliate of Bain Capital and was established in February 2018 when Bain Capital hired a 19-member real estate investment team, whose six managing directors had been actively investing together since 2010. Since 2010, through April 2022, the BCRE team, which currently consists of 46 professionals, has invested and committed approximately $7.4 billion of equity across 600+ closed and pending high conviction assets across multiple sectors. BCRE’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.

About Metro Credit Union 

Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.6 billion in assets. Metro provides a full range of financial products to close to 200,000 members in Barnstable, Bristol, Essex, Franklin, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties in Massachusetts, and Cheshire, Hillsborough and Rockingham counties in New Hampshire. Metro is the credit union of choice for employees at over 1,200 companies through its Metro@work program.

Founded in 1926, Metro currently operates 19 branch offices in Boston, Burlington, Chelsea, Dorchester, Framingham, Lawrence, Lynn, Medford, Melrose, Newton, Peabody, Reading, Salem, Tewksbury and West Roxbury. Metro is also a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal.