Seyfarth Represents Bain Capital Real Estate and Oliver St. Capital Joint Venture in $208 Million Northern NJ Industrial Portfolio Acquisition

May 8, 2025 – Seyfarth Shaw LLP represented programmatic joint venture comprised of Bain Capital Real Estate and Oliver Street Capital in the acquisition of a strategically located infill industrial portfolio in Northern New Jersey, further strengthening the joint venture’s presence in one of the most supply-constrained and high-demand warehouse markets in the United States.

Bain Capital Real Estate and Oliver Street Capital acquired the portfolio for approximately $208 million. The portfolio transaction represents Bain Capital and OSC’s fifth acquisition in Northern New Jersey since the firms expanded their joint venture to the region in late 2023 and positions the joint venture as one of the leading infill industrial buyers of scale in the New York City MSA.

“This transaction highlights the continued investor appetite for functional, last-mile industrial assets in high-barrier markets,” said Michael Dowley, the partner who led the Seyfarth deal team. “We’re proud to support Bain and Oliver Street and other clients like them executing on long-term strategies in competitive logistics corridors like Northern New Jersey.”

The value-add portfolio consists of 11 Class B warehouses and a combined 784,000 square feet. The light industrial properties feature desirable warehouse suite sizes averaging 23,000 square feet. The portfolio is currently 88% leased to a mix of local and national tenants.

The closing timeframe was significantly compressed, given market volatility, uncertainty and other adverse macro market concerns. It required the Seyfarth team to work hard to meet the demands of the deal, negotiate against sophisticated counsel, and identify, analyze and advise on a number of thorny legal and business issues to get to the closing.   

“This deal exemplifies the kind of complex, multi-asset transaction where our team thrives,” said Dowley. “It’s a privilege to support Bain and OSC as they scale one of the most respected platforms in the space.”

Seyfarth advised the joint venture on the acquisition and due diligence, working alongside Goodwin LLP, which served as co-counsel, on the financing. The Seyfarth team, in addition to Dowley, included Robert Edgerton, Brooks Marro, Dillon Kim, Tucker Sutlive, and Lea Silverman.

“This is a compelling opportunity to meaningfully scale and diversify our infill industrial portfolio in the Northern New Jersey market, one of the country’s most supply-constrained and strategically important warehouse markets serving the unmatched consumption base of the New York City MSA,” said Ryan Cotton, Head of Bain Capital’s Real Estate team.

“This transaction marks a watershed moment in our platform’s expansion into the Northern New Jersey Market, raising our presence to 15 assets within two years,” said Jon Hyde, Managing Principal of OSC. “We continue to have high conviction in the Northern New Jersey industrial market.”

About Seyfarth

With more than 900 lawyers across 18 offices, Seyfarth Shaw LLP provides top-tier advisory, litigation, and transactional legal services to clients worldwide.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services.

About Oliver Street Capital

Founded in 2014, Oliver Street Capital is a Boston-based real estate investment manager focused on acquiring, financing, and managing high-quality industrial real estate assets in supply-constrained markets.