JLL arranges $19.35M sale, $13.32M loan for Boston industrial building
A partnership between Bain Capital Real Estate and Oliver Street Capital acquired the fully leased facility
BOSTON, April 22, 2020 – JLL announced today that is has closed the $19.35 million sale of and arranged $13.32 million in acquisition financing for 45 Holton St., a 180,000-square-foot, fully leased industrial warehouse building in the Boston-area community of Winchester, Massachusetts.
JLL represented the seller, JG Holt Limited Partnership, and procured the buyer, a partnership between Boston-based firms Bain Capital Real Estate (BCRE) and Oliver Street Capital, in an off-market transaction. Additionally, working on behalf of the new ownership partners, JLL facilitated debt financing for the transaction with Harbor One Bank.
Situated on 9.7 acres, 45 Holton St. is located on the Winchester-Woburn line less than 10 miles from Boston and nine miles from Cambridge. The property has convenient access to multiple major suburban Boston highways, including Interstates 95 and 93 and Route 3. 45 Holton St. is in the established Wilmington/Winchester Industrial submarket, which has experienced diminishing supply and growing demand in recent years. 45 Holton St. is fully leased to two tenants, Tighe Logistics Group and Archive America. The building features a clear height of 26 feet, 33 loading docks, two drive-in doors and 10% office finish.
“We’re excited to add 45 Holton to our portfolio, and it’s a great fit for our partnership with BCRE,” said Oliver Street Capital Managing Principal Jon O’Donnell.
“45 Holton is a highly functional industrial building with scale, which is difficult to find this close to Boston,” added Jon Hyde, managing principal at Oliver Street. “The JLL team did a great job helping us execute.”
The Sales and Leasing team representing the seller included Senior Director Matt Sherry; Managing Directors Jamey Lipscomb, Chris Decembrele and Chris Lawrence; and Assistant Vice President Zach Gramlich. The Capital Markets debt placement team representing the borrower was led by Senior Director Brett Paulsrud and Associate Sam Campbell.
“With an in-depth knowledge of the required thresholds of each party, the team was able to structure an off-market sale, which resulted in a great outcome for both buyer and seller,” Lipscomb said. “It was even more satisfying to execute the sale and financing through challenging macro-economic conditions. The seller’s legal team at Nutter McClennen & Fish and the buyer’s team at Seyfarth Shaw are also to be commended for their facilitation of the sale.”
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 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. 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 commercial real estate investment firm focused on acquiring industrial properties throughout Greater Boston. Oliver Street’s principals have over 30 years of institutional commercial real estate experience representing over $2 billion in total transactions. The Oliver Street team currently owns and operates more than one million square feet of properties in Greater Boston and is led by its Co-Founders Jonathan Hyde and Jonathan O’Donnell.
About Bain Capital Real Estate
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 over $3.8 billion of equity in over 400 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized 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.