Done Deals: New England industrial portfolio acquisition financed for $9.1 million

Friday, January 29, 2021

New England industrial portfolio acquisition financed for $9.1 million

Amy Lousararian

BOSTON, MA – JLL Capital Markets announced it has arranged $9.1 million in acquisition financing for a fully leased, two-building industrial portfolio totaling 179,573 square feet in the northern Boston suburbs of Billerica and Lowell, Massachusetts.

JLL worked on behalf of the borrower, Boston-based Rhino Capital Advisors LLC (Rhino), to place the five-year, fixed-rate loan with Webster Five Cents Savings Bank. Loan proceeds will be used to purchase the assets.

The portfolio is fully leased to Sterling Corporation, a privately held integrated warehousing, distribution and logistics solutions provider serving the Northeast.

The portfolio properties include two assets in the Greater Boston area at 263 Industrial Avenue in Lowell and 27 Sterling Road in Billerica within the established North Boston Industrial market.

Madeline Joyce

This growing market is filled with corporate demand and proximate to Boston, allowing industrial tenants to take advantage of Boston’s increasingly e-commerce-driven economy.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Brett Paulsrud, Associate Amy Lousararian and Analyst Madeline Joyce.

Brett Paulsrud

“It has been exciting to watch Rhino continue to build its portfolio north of the city,” Paulsrud said. “The market fundamentals for flex and industrial space remain robust, and the Sterling portfolio is a valuable addition for the Rhino team.”

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.