A joint venture of Hendrie Lane Capital, V12 Investments and The Zaro Group has acquired a two-building research and development and advanced manufacturing portfolio in Andover, MA. The assets, located at 3 and 6 Riverside Drive, total 170,771 square feet and traded for $43.5 million. Ciminelli Real Estate Corporation sold the fully leased properties to the buying group.
The Riverside Drive buildings are described as research and development and advanced manufacturing facilities, occupied by a roster of established companies in those sectors. The properties are reported to be 100% leased, with three of the four tenants choosing the complex as their headquarters location. The tenants are also said to have invested heavily in their space, and leases are characterized as long-term, underscoring the portfolio’s in-place income profile. Specific tenant names and lease terms were not disclosed.
The transaction marks the first investment completed under a new Hendrie Lane Capital strategy targeting research and development and advanced manufacturing properties in several major innovation markets. According to the firm, the strategy is focused on Greater Boston, the New York Tri-State Region, greater Washington, DC, the San Francisco Bay Area and North Carolina’s Research Triangle. The Andover acquisition is positioned as representative of the types of assets the venture is seeking in those locations.
Hendrie Lane principal Tony Calabrese noted that the Riverside Drive portfolio fits the venture’s criteria of well-located, high-quality, well-maintained buildings. He also highlighted that the acquisition was completed at what he characterized as a significant discount to both replacement cost and historical market pricing. The combination of pricing, asset quality and tenant commitment was cited as aligned with the strategic focus on long-term occupancy by established, “time-tested” users.
On the capital markets side, JLL played multiple roles in the transaction. JLL’s Scott Carpenter represented the seller, Ciminelli Real Estate Corporation, in the sale of the Andover portfolio. Separately, a JLL Capital Markets team of Andrew Gray, Hugh Doherty and Emily Fuller arranged acquisition financing on behalf of the buyers.
The joint venture secured $28.6 million in acquisition financing from Washington Trust Bank. While the announcement did not detail specific loan terms such as interest rate, loan term or amortization structure, the presence of institutional bank financing underscores lender appetite for fully leased, specialized industrial and R&D assets in established innovation corridors. The combination of sale and financing advances Hendrie Lane’s rollout of its new strategy across multiple U.S. innovation-driven markets.
