BOSTON – JLL Capital Markets announced that it has arranged $20.36 million in acquisition financing for a fully leased, 157,293-square-foot industrial building at 1 Second St. in the northern Boston suburb of Peabody, Massachusetts.
JLL worked on behalf of the borrower, a partnership between Oliver Street Capital and Bain Capital Real Estate, to place the seven-year, fixed-rate, non-recourse loan with Metro Credit Union.
Constructed in 1986, 1 Second St. is home to two tenants, Wakefield Moving Storage, a residential and commercial moving company that operates its headquarters from the property, and Paradigm Precision, which provides complex machining, fabrications and assemblies primarily for gas turbine engines. The building offers its tenants 24-foot clear heights, 17 tailboard docks, one drive-in door and ample parking.
1 Second St. is in Peabody, which is 18 miles north of Boston along three major regional throughfares, Interstate 95 and Routes 128 and 1. The property benefits from a strategic logistical location within the 307-acre master-planned Centennial Park, which provides easy access regional transportation infrastructure. Additionally, the property is within Boston’s North Warehouse and Distribution Industrial submarket, which has seen increased demand and constrained supply.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brett Paulsrud and Director Amy Lousararian.
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.
