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Hendrie Lane Capital buys Andover R&D and manufacturing property for $43.5M
The two-building, 16-acre asset at 3 and 6 Riverside Drive totals 171,000 SF and is fully leased, with Hendrie Lane saying the strategy targets R&D and advanced manufacturing growth markets.
Hendrie Lane Capital, partnering with V12 Investments and The Zaro Group, has acquired a Boston-area industrial and research campus in Andover for $43.5 million, marking the firm’s first purchase under a new strategy focused on manufacturing and R&D properties.
The two-building, 16-acre site spans 171,000 square feet of space for R&D and advanced manufacturing at 3 and 6 Riverside Drive, about 25 miles north of Boston. Bisnow reports the properties are fully leased to NEOLab, Physical Sciences, SciAps, and Fishman.
Hendrie Lane said the strategy is designed around what its executives view as a sustained growth period for the sector and that it plans to pursue deals in the Boston, New York, Washington, D.C., San Francisco, and North Carolina Research Triangle regions. In a statement, principal Tony Calabrese said the company targeted well-located, well-maintained buildings acquired at a discount to replacement cost and historical market pricing, with long-term tenants that have invested in their space.
The financing for the acquisition included a $28.6 million loan from Washington Trust Bank, with JLL brokering the deal and arranging the buyer’s financing. Bisnow also noted additional Boston-area leasing activity, including Google signing a 35,000 SF lease at 200 Talcott Ave. in Watertown and Chiofaro landing multiple new tenants totaling more than 300,000 SF at International Place.