Novaya Sells Boston-Area Industrial Portfolio for $73M

The fully leased distribution centers, located in Littleton and Middleborough, Mass., encompass a total of 775,000 square feet. JLL secured the acquisition financing on behalf of the buyer/borrower.

By Beata Lorincz

Aerial view of 1 Distribution Center Circle
Aerial view of 1 Distribution Center Circle

Novaya Real Estate Ventures has sold two industrial assets in Massachusetts to L&B Realty Advisors for a total of $72.7 million, according to public records. JLL’s Capital Markets team secured $36.4 million in acquisition financing on behalf of the new owner. A life insurance company originated the 10-year loan.

The suburban warehouse portfolio is located at 1 Distribution Center Circle in Littleton, Mass., and at 154 Campanelli Drive in Middleborough, Mass., comprising a total of 775,000 square feet. Both assets are 100 percent leased: the 275,000-square-foot Middleborough building has a single tenant and traded for $21.4 million, while the second, 480,000-square-foot property sold for $51.3 million and is occupied by six tenants. The distribution buildings feature 32-foot ceiling heights.

Solid industrial market

154 Campanelli Drive
154 Campanelli Drive

The JLL team managing the deal included Senior Vice President Robert Borden and Executive Vice President Heather Brown.

“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, in prepared remarks.

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