Done Deals: B&D Holdings acquires fully leased 109,000 SF industrial asset in Avon, MA for $18.5 million

Thursday, December 5, 2024

B&D Holdings acquires fully leased 109,000 SF industrial asset in Avon, MA for $18.5 million

Amy Lousararian

BOSTON, MA, Dec. 05, 2024 –  JLL Capital Markets has arranged the $18.5 million sale and acquisition financing for 21 Parker Drive, a 109,300-square-foot industrial asset in Avon, Massachusetts.

JLL represented the seller, Oliver Street Capital and Bain Capital Real Estate, in the sale to B&D Holdings. Working on behalf of the new owner, JLL also arranged the fixed-rate, three-year loan through Provident Bank.

21 Parker Drive, Avon, MA

Built in 1972, 21 Parker Drive features 17- to 32-foot clear heights, a 135-foot truck court depth, ample parking and over an acre of outdoor storage. The property offers suite options ranging from 5,600 to 49,080 square feet and is 100% leased to a diverse tenant base including Taylor Communications, HelloFresh and FreshPoint.

Strategically located within Avon Industrial Park, 21 Parker Drive provides superior accessibility to Boston's major transportation routes, including Routes 24 and 3, as well as Interstates 93, 95 and 495. This positioning facilitates seamless regional distribution, enhancing the property’s appeal to businesses seeking efficient transit links within New England’s bustling economic landscape.

Michael Restivo

The JLL Investment Sales and Advisory team was led by Managing Director Michael Restivo and Director David Coffman. Additionally, Managing Director Thomas E. Didio, Jr, Managing Director Amy Lousararian and Director Max Custer spearheaded the JLL Debt Advisory team.

“21 Parker Drive’s full occupancy, diverse tenant mix and substantial outdoor storage in an infill location exemplify the type of industrial assets that remain in high demand, even amidst rising interest rates,” said Restivo. “The competitive bidding process further emphasizes the sustained investor interest in strategically positioned industrial properties in the Greater Boston area.”

“This acquisition fits well into B&D’s main investment focus of highly functional infill shallow-bay warehouse and IOS industrial assets with strong leasing undercurrents”, added Rob Logan, Principal of B&D Holdings. “The Boston industrial market is a focus for our team, and we look forward to building off this investment as we explore future opportunities in the region.”

David Coffman.

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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 approximately 6 million square feet of industrial buildings as a firm. To find out more, please visit www.oliverst.com.

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 and committed $9.6 billion of equity as of September 30, 2024 in 633 assets across multiple sectors.

Thomas E. Didio, Jr,

About B&D Holdings

B&D Holdings is a privately-held investment and development firm located in New Jersey. B&D has built a best-in-class investment management firm rooted in its entrepreneurial and creative spirit, born out of the Segal Family’s successful ownership and operation of one of the nation’s leading building supply companies, Bradco Supply.

About Provident Bank

Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). The bank had assets of $24.04 billion as of September 30, 2024.

To learn more about Provident Bank, please visit www.provident.bank or call customer contact center at 800.448.7768.

Max Custer

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

A Fortune 500^® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. For further information, please visit jll.com.