BOSTON, Jan. 23, 2023 – JLL Capital Markets announced today that it arranged $57 million in construction financing for 800 Salem St., a state-of-the-art industrial logistics development totalling 237,800 square feet in Wilmington, Massachusetts. The project is fully entitled with site work complete, vertical construction underway and an anticipated delivery in Q3 2024.
Upon completion, the property will feature best-in-class specifications including 47 dock positions, two drive-in doors, ample parking for 332 vehicles and 33 trailers including provisions for 32 EV charging stations, 36-foot clear heights, 54-by-51-foot column spacing, power capacity of 4,000 amps (with expandability), modernized truck circulation and ESFR fire suppression. The building will also be one of the first fully electric warehouses in the state, underscoring the owner’s commitment to sustainability.
JLL represented the borrowers, Wheelock Street Capital and Camber Development, to secure the three-year construction loan from a national bank.
The development is strategically located 17 miles north of Boston, and only seven miles from both the I-93/I-95 and I-93/I-495 interchanges, providing seamless access to Greater Boston’s major highway systems, urban core, highly-skilled workforce, dense population communities and major corporate employment centers. The I-93 North submarket has consistently exhibited some of the tightest conditions in the Greater Boston industrial market due to its superior access, established corporate employment base, and high barriers to entry for new development. The submarket’s diversified tenant demand and strong historical occupancy has resulted in significant rent growth that has topped 15% on a compounded annual growth rate over the past five years. Throughout 2023, the North submarket continued to benefit from its diversified and expanding industrial user base that includes third party logistics/eCommerce, robotics, climate technology, advanced manufacturing, and life science companies.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Steven Klein and Brett Paulsrud and Director Ryan Parker.
“Despite the prevailing headwinds in the construction lending market, liquidity is available for well-located projects with best-in-class sponsorship,” said Paulsrud.
“Wheelock and Camber have thoughtfully designed the project to accommodate the demand from the expanding logistics userbase seeking high-quality distribution space with excellent connectivity to its customers,” added Klein.
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.
About Camber Development
Camber Development is a Boston-based real estate investor and developer with an entrepreneurial spirit and intuitional capital support. With a focus on logistics, advanced manufacturing and life science properties, Camber strives to capitalize on the convergence of these industries within it growing portfolio and facilitate the growth and operations of its customers. The firm was founded in 2020, and has acquired over $700 million of real estate in Greater Boston, totaling over 2.5 million square feet and has 600,000 square feet currently under development. For more information visit camberdev.com.
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 $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wheelock Street Capital
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII and its first perpetual life fund, Wheelock Street Long Term Value Fund. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-year track record of demonstrated and consistent outperformance over industry benchmarks. For more information visit wheelockst.com.