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Hendrie Lane JV buys 170,771 sq ft R&D portfolio in Andover, MA
The two-building Riverside Drive assets were acquired for $43.5 million and are 100% leased to established R&D and advanced manufacturing tenants.
ConnectCRE reports that a joint venture led by Hendrie Lane Capital, V12 Investments, and The Zaro Group acquired 3 and 6 Riverside Dr. in Andover, Massachusetts. The transaction covers a two-building research and development and advanced manufacturing portfolio totaling 170,771 square feet.
The buyers paid $43.5 million to Ciminelli Real Estate Corporation. ConnectCRE says the properties are 100% leased to an established group of research and development and advanced manufacturing companies, with three of four tenants using Riverside Drive as their headquarters.
ConnectCRE adds that the deal is the first under a new investment strategy at Hendrie Lane focused on R&D and advanced manufacturing properties across Greater Boston, the New York Tri-State region, greater Washington, DC, the San Francisco Bay Area, and North Carolina’s Research Triangle.
JLL’s Scott Carpenter represented the seller, while a JLL Capital Markets team arranged $28.6 million in acquisition financing for the buyers through Washington Trust Bank.