Photo courtesy of JLL

A partnership between Boston-based Oliver Street Capital and Bain Capital Real Estate has acquired a fully-leased distribution facility in Boston’s Newmarket section for $12.25 million.

The single-story building at 202 Southampton St. provides 29-foot clear heights, six loading docks, office space and 150 parking spaces.

Webster Five Cents Savings Bank provided a $10.74 million fixed-rate loan for acquisition financing.

JLL Boston’s Michael Restivo represented the seller, Southampton Street LLC 202, while JLL’s Brett Paulrud and Sam Campabell arranged the debt financing.

Oliver Street Capital and Bain Capital previously partnered on a pair of recent industrial acquisitions in Malden and Winchester.

Boston’s industrial market vacancies have dropped to a historic low of below 5 percent, according to JLL research. Demand for last-mile distribution space remains strong in Newmarket because of its central urban location and proximity to Interstates 93 and 90. The neighborhood is the focus of a Boston Planning and Development Agency study which seeks to preserve the industrial economy while potentially allowing mixed-use development in some sections.