B&D Holdings Buys Boston-Area Industrial Facility
B&D Holdings has acquired a 109,300-square-foot industrial building in Avon, Mass., for $18.5 million. JLL Capital Markets worked on behalf of the seller, a joint venture between Oliver Street Capital and Bain Capital Real Estate.
The company also assisted the new ownership in securing acquisition financing, in the form of a three-year, fixed-rate loan originated by Provident Bank. The mortgage totals $13.9 million, according to CommercialEdge. The property previously traded in 2021, when the joint venture acquired it for approximately $12 million from Parker Property Management, the same source shows.
The industrial facility is at 21 Parker Drive and is fully leased to Taylor Communications, FreshPoint and HelloFresh. Originally built in 1972, the infill industrial warehouse includes 17- to 32-foot clear heights, 33 dock high doors, five grade-level doors, a 135-foot depth truck court and ample vehicle parking space. Additionally, the property also features a more than 1 acre space for outdoor storage, while tenant suite options range between 5,600 square feet and 49,080 square feet. 21 Parker Drive is also situated within Avon Industrial Park, a master-planned industrial campus that hosts 127 companies.
The approximately 11-acre asset allows easy accessibility to the Greater Boston area, being close to Massachusetts Route 24 and U.S. Route 3, while also providing easy connectivity to interstates 93, 95 and 495. Boston is 20 miles from the property, Boston Logan International Airport is 28 miles away and Providence, R.I., is within 46 miles from the property.
Managing Director Michael Restivo and Director David Coffman with JLL’s Investment Sales and Advisory team represented the seller, while Managing Director Thomas Didio, Managing Director Amy Lousararian and Director Max Cust with JLL’s Debt Advisory team assisted B&D Holdings in securing the acquisition financing.
Sale prices and rents high in Boston
The industrial investment volume in Boston reached $512 million as of October, according to a recent CommercialEdge industrial report. Across the Northeastern region, Boston remained one of the priciest markets, with properties changing hands at an average sale price of $158 per square foot. Only New Jersey outperformed the metro, with an average sale price of $223 per square foot. In-place rents in Boston averaged $10.92 per square foot average in October, making it one of the most expensive industrial markets in the U.S.
JLL became the exclusive leasing broker of a recently completed Class A logistics facility in West Bridgewater, Mass. The 210,600-square-foot industrial property developed by National Development came online last month, with construction financed by a $28 million loan.
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