Vacant suburban Boston industrial building buy financed with $10.63M loan
JLL Capital Markets arranged the loan for the distribution facility in a prime logistical location in Lowell, Mass.
BOSTON, June 14, 2022 – JLL Capital Markets announced today it has arranged $10.63 million in acquisition financing for a 55,325-square-foot, vacant industrial asset at 160 Industrial Ave. in the northern Boston community of Lowell, Massachusetts.
JLL worked on behalf of the borrower, a partnership between Oliver Street Capital and Bain Capital Real Estate, to place the five-year, fixed-rate, non-recourse acquisition loan with Centreville Bank. Additionally, the borrower has engaged JLL to lease the currently vacant building.
The building was constructed in 1970 as a single-story asset with a mezzanine office space. The highly functional building has 22-foot clear height, nine tailboard loading docks, four drive-in doors, 26 trailer parking stalls and 84 employee parking spaces.
Positioned on 5.01 acres, 160 Industrial Ave. is 22 miles north of Boston and within Lowell’s Industrial Avenue corridor. The property is also adjacent to the Lowell Connector off Route 3 and at the interchange of Interstate 495, along with the Middlesex Turnpike, all of which help make this a premier logistics location for last-mile distribution activities to the Boston MSA and, specifically, the northern suburbs.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brett Paulsrud and Director Amy Lousararian.
The JLL Leasing team includes Executive Vice Presidents Michael Ciummei and Joe Fabiano, Managing Director Brian Tisbert and Executive Managing Director Matt Daniels.
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.