Photo courtesy of CBRE

A distribution center in Interstate 93 corridor north of Boston has traded hands thanks to a loan from a local bank.

A team of Boston investment firms Oliver Street Capital and Bain Capital Real Estate bought 326 Ballardville St. in Wilmington from an affiliate of Boston-based Marcus Partners Wednesday, according to a deed filed in the Middlesex North registry.

Marcus sold the property for $49.5 million after buying it for $22.4 million from an affiliate of Bahraini investment firm Investcorp in 2019 according to a second deed.

Oliver Street and Bain Capital financed the transaction with a $28 million mortgage from the Newburyport Institution for Savings.

A press release from commercial brokerage CBRE said the company’s Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines marketed the property on Marcus Partners’ behalf and arranged the sale.

“Congratulations to Marcus Partners for executing its business plan for 326 Ballardvale Street flawlessly- buying a Class A asset in a highly desirable location at an excellent basis, bringing low in-place rents up to market rate and executing the disposition, all in just four years,” Sandeman said in a statement. “We are proud to have worked alongside the Marcus Partners team every step of the way. The Oliver Street Capital and Bain Capital Real Estate venture is adding another fantastic infill industrial asset to their portfolio and is expanding their presence in one of Boston’s tightest submarkets in 128 North. We’d like to congratulate, and thank, their collective team for executing on the acquisition, despite what has been a challenging capital markets environment.”

Wilmington property records say the 187,898-square-foot warehouse and distribution center was built in 1972 and sits on 14 acres of land.