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A Malden Center industrial property leased to National Grid on a short-term basis has been acquired for $10 million by a partnership of Boston-based Oliver Street Capital and Bain Capital Real Estate.

The former Piantedosi Baking Co. specialty division facility at 129 Commercial St. spans 54,000 square feet and has 21-foot clear heights, four tailboard loading docks and one drive-in door. The facility is suitable for future uses including cold storage, traditional warehouse-distribution space and flex tenants, according to Newmark Knight Frank, which arranged $8.3 million in debt financing through M&T Bank. The seller was Bakers Half Dozen LP.

“The proximity to Boston and access to amenities and public transportation make this a unique industrial asset with high scarcity value,” Oliver Street Capital Co-Founder Jon Hyde said in a statement.

The facility was completed in 1977 and sits on a 2-acre parcel, according to assessors’ records.

NKF Head of Mortgage Banking, New England David Douvadjian; Senior Managing Directors Timothy O’Donnell and Brian Butler; Director David Douvadjian Jr. and Senior Analyst Conor Reenstierna of the firm’s Boston Debt and Structured Finance group arranged the debt financing.