Warehouse in suburban Boston sells for $8M
JLL arranged the sale of the 52,200 square-foot Braintree warehouse
BOSTON, May 25, 2021 – JLL announced today that it has closed the $8 million sale of a 52,200-square-foot industrial warehouse facility at 116 Lundquist Dr. in the Boston-area community of Braintree, Massachusetts.
JLL represented the buyer, Oliver Street Capital, which purchased the asset from the seller, a private, local seller.
The one-building facility was completed in 1966 and renovated in 1985 features 45,000 square feet of high-bay warehouse space with 28-foot+ clear heights as well as 7,200 square feet of office. The 4.54-acre lot offers plenty of parking and excess storage space. The existing tenant, Wallboard Supply Company, occupies the entire building and has 3.25 years of term left on its existing lease.
116 Lundquist Dr. is in Braintree less than 12 miles south of downtown Boston and less than a mile from Exit 37 on Interstate 93. It is also near the South Shore Plaza Mall and surrounding amenities.
The building is within the Quincy/Braintree Industrial submarket and part of the Boston Industrial market, which, according to JLL Research, experienced low vacancy of 4.7% in the first quarter of 2021. With little construction in the pipeline, investor demand is reaching all-time highs, making product like 116 Lundquist Dr. highly sought after.
The JLL team representing the buyer was led by Managing Directors Christopher Lawrence with JLL’s Boston Leasing team and Managing Director Matthew Sherry and Director Michael Restivo with JLL Capital Markets.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. 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 is a value based real estate investment manager focused on acquiring and managing high quality industrial real estate investments. With 30 years of commercial real estate experience, the firm has represented over $1.8 billion in total transactions.