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| 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.
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21 Parker Drive, Avon, MA
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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.
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| 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.”
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David Coffman.
|
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.
For more news, videos and research resources, please
visit JLL’s newsroom.
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.
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| 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.
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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.
CONTACT:
Grace Lewis, JLL PR
Phone: +1 903 520 3478
Email: grace.lewis@jll.com
