Mission-critical industrial facility near Boston trades
JLL Capital Markets arranged the sale and acquisition financing for the fully leased Malden distribution and manufacturing facility
BOSTON, Sept. 9, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for a fully leased, 47,915-square-foot, single-tenant light industrial distribution and manufacturing facility at 60 Winter St. in the suburban Boston community of Malden, Massachusetts.
JLL represented the seller, Eastern Real Estate, which sold the property to Boston-based Novaya Real Estate Ventures. Additionally, JLL placed the five-year, fixed-rate acquisition loan with Middlesex Savings Bank.
Fully leased to Enjet Aero, 60 Winter St. serves a mission-critical role in the manufacturing and distribution of custom turbine and jet engine components. The facility was originally constructed in 1958 and features steel construction, clear heights ranging from 14.5 to 30 feet, three dock doors, two drive-indoors and ample parking. Over the last few years, Enjet Aero has significantly invested in building improvements.
60 Winter St. is about 10 minutes north of downtown Boston. This highly accessible location is proximate to major interstates, public transportation and Logan International Airport, in addition to the six other facilities Enjet Aero has across the country. The facility is in the highly sought-after Malden Industrial submarket, which is part of the north urban infill market.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Director Michael Restivo. Senior Director Jonathon Schneider led the financing on behalf of the buyer.
“This transaction offered a rare opportunity to own an exceptionally located urban infill industrial asset occupied by a long-term stable tenant that has been at this location for over 60 years,” Restivo said.
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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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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eastern Real Estate
Eastern Real Estate is a privately held commercial real estate company with expertise in capital investment, development and asset management. Eastern specializes in adding value to complex opportunities and has a proven track record of success across multiple asset classes, with a primary focus on retail properties. With more than 25 years of experience, Eastern has successfully completed over 100 investments in excess of $4 billion in value. For more information visit: eastern-re.com.
About Novaya Real Estate Ventures
Novaya Real Estate Ventures (novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. To date, Novaya has transacted on nearly 10 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion in partnership with several of the premier institutional and family office investors worldwide.