News release

Last-mile industrial property in Boston sells for $12.25M

JLL Capital Markets closed the sale and arranged $10.70M in acquisition financing for the Boston-area asset

November 11, 2020

BOSTON, November 11, 2020 – JLL Capital Markets announced today that is has arranged the $12.25 million sale and acquisition financing for a 26,500-square-foot, fully leased, last-mile industrial property with ample delivery truck and van parking at 202 Southampton St. in the Newmarket District near downtown Boston, Massachusetts.

JLL marketed the property on behalf of 202 Southampton Street, managed by Milad and Mani Farahani. A partnership between Oliver Street Capital and Bain Capital Real Estate purchased the asset. JLL worked on behalf of the new owner to arrange a fixed-rate loan with Webster Five Centers Savings Bank.

The single-story property features a 29-foot clear height, office space, six loading docks with four drive-in doors and 33,000 square feet of excess parking housing 150 spaces. 202 Southampton Street is in Boston’s Newmarket District immediately off Interstate 93 at Exit 16, providing direct access to downtown Boston, Cambridge and Watertown, and Interstate 90. Additionally, the building is less than three miles from the Seaport and sits in a strategic, “last-mile” location surrounded by 1.83 million people within a 10-mile radius.  

The JLL Capital Markets Investment Sales team representing the seller was led by Director Michael Restivo.

The JLL Capital Markets Debt Placement team representing the new owner was led by Managing Director Brett Paulsrud and Associate Sam Campbell.

“It is exciting to watch Oliver Street continue to build its industrial portfolio,” Paulsrud said. “This is a great addition of a true last-mile industrial asset. All parties performed exceptionally well through a turbulent market, and it was great to see this one through.” 

Industrial demand is on the rise in the United States, as increased e-commerce adoption and shifting consumer preferences have led to more online purchases.  According to JLL’s Boston Industrial Q3 2020 Insight report, vacancy has dipped to below 5% for the Boston Industrial market, which is the lowest level ever for Greater Boston. Asking rents have also increased for both direct and sublease space.

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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

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

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 $4.5 billion of equity in over 430 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.