March 23, 2018
Dallas-based L&B Realty Advisors, LLP acquired a two-building industrial portfolio in suburban Boston on behalf of an institutional client from Novaya. JLL’s Capital Markets’ secured a $36.35 million, 10-year loan from a life insurance company to finance the purchase.
The 775,000-square-foot portfolio consists of two 32-foot clear height warehouse distribution buildings. They are: 1 Distribution Center Circle in Littleton, and 154 Campanelli Dr. in Middleborough (pictured). Both buildings are 100% leased, with the 275,000-square-foot Middleborough property occupied by a single tenant. The 480,000-square-foot Littleton property leased to six tenants.
JLL’s Robert Borden and Heather Brown led the team handling the financing transaction.
“This fixed-rate financing is backed by fully-leased, Class A buildings with secure and durable rent rolls in a fundamentally solid industrial market, and was secured on behalf of an exceptionally strong institutional sponsor,” said Borden.
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