JLL Arranges $43.5M Sale and Acquisition Financing of Andover R&D Portfolio for Hendrie Lane Capital and V12 Investments

JLL Capital Markets has arranged the $43.5 million sale and $28.61 million acquisition financing of a two-building flex and R&D portfolio at 3 and 6 Riverside Drive in Andover, Massachusetts. Hendrie Lane Capital and V12 Investments acquired the 171,764-square-foot campus from Ciminelli Real Estate Corporation and Gordon Brothers, with Washington Trust Bank providing the acquisition loan.

Portfolio Overview and Physical Characteristics

The portfolio comprises two two-story buildings situated on approximately 16 acres roughly 25 miles north of Boston. The 93,500-square-foot building at 3 Riverside Drive was constructed in 1985, while the 78,264-square-foot property at 6 Riverside Drive was built in 1989 and expanded in 2020. Both buildings feature clear heights exceeding 15 feet, substantial electrical capacity, flexible office and R&D/manufacturing floor configurations, loading-dock access and a combined 445 surface parking spaces.

The campus is 100% leased to four tenants operating across medical equipment manufacturing, musical-instrument production, aerospace-defense R&D and analytical instrumentation. Three of the four tenants operate their headquarters from the Riverside Drive campus. Reported occupants include NEOLab, Physical Sciences, SciAps and Fishman. The portfolio carried a weighted average lease term of 7.8 years at the time of sale, providing the buyers with near-term cash-flow durability and reduced rollover exposure.

The sale price of $43.5 million equates to approximately $253 per square foot based on the portfolio's total rentable area.

Transaction Team: Scott Carpenter, Chris Lawrence, Andrew Gray, Chris Barry, Chris Neelon and Ryan Zebro

JLL represented the sellers in the transaction. The JLL Capital Markets team was led by Managing Directors Scott Carpenter and Andrew Gray, Vice Chairman Chris Lawrence and associate Chris Barry. Chris Neelon and Ryan Zebro managed the sale on behalf of Ciminelli Real Estate.

"3 and 6 Riverside Drive represent exactly the type of institutional-quality asset that continues to attract strong investor demand: highly functional buildings, exceptional tenant retention, and a strategic location within one of New England's premier innovation corridors," Chris Neelon said. "We're proud of what was accomplished during our ownership and believe the portfolio is well-positioned for continued success under its new ownership."

Scott Carpenter noted the combination of tenant characteristics and location as central to investor interest. "The combination of tenant durability and technical space buildouts, along with Andover's established presence as a hub for advanced technology and manufacturing companies made this transaction compelling for investors," Carpenter said. "These properties offer the flexible floor plates and mission-critical infrastructure that innovation-driven users require, while the location provides seamless access to skilled employee bases across both Greater Boston and Southern New Hampshire."

Financing and Capital Structure

JLL also arranged $28.61 million in acquisition financing for the buyers through Washington Trust Bank. The loan represents approximately 65.8% of the $43.5 million purchase price, implying an equity contribution of roughly $14.89 million before closing costs. Washington Trust Bank, headquartered in Spokane, Washington, is the largest independently owned full-service commercial bank in the Northwest and holds $11 billion in assets.

The financing structure reflects lender willingness to extend leverage against a fully occupied, technically specialized suburban portfolio. Boston-area flex vacancy stood at 11.9% and availability at 15.0% in the second quarter of 2026, conditions that place a premium on stabilized, income-producing assets with specialized physical characteristics over vacant or commodity flex inventory.

Location and Market Context

The Andover campus sits approximately 25 miles north of Boston with direct access to Interstate 93 and proximity to Interstate 495, Route 3 and Route 128. The properties are approximately five miles from the New Hampshire border, giving occupiers access to labor pools across Greater Boston, Cambridge and Southern New Hampshire. Andover has developed as a northern suburban concentration for advanced technology, life-science and manufacturing companies, offering tenants a combination of Boston-area labor access and larger-footprint suburban facilities.

The mission-critical nature of the tenancy — three of four occupants operate headquarters functions from the campus — distinguishes the portfolio from conventional warehouse or generic flex space. Headquarters and specialized production uses typically require more costly and time-consuming relocations than standard industrial tenancy, a characteristic that supports occupancy stability and underpins the investment thesis for buyers focused on replacement-cost economics and durable cash flow.

About the Parties

Hendrie Lane Capital is a privately held real estate investment company founded in 1977 that has invested in more than 25 properties across New York City, the Greater Tri-State Area, Massachusetts, Florida and other markets. The firm focuses primarily on office, medical office, R&D, advanced manufacturing, life science and apartment properties. V12 Investments is a commercial real estate investment firm focused on flex, manufacturing and warehousing assets alongside select alternative verticals.

Ciminelli Real Estate Corporation, headquartered in Buffalo, New York, is a full-service real estate firm with more than 40 years of experience providing development, construction management, property management, brokerage and investment services across the East Coast. Gordon Brothers, founded in 1903 and headquartered in Boston, provides asset services, lending, financing and trading solutions across retail, commercial, industrial, brands and real estate globally.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries.

Sources

JLL Newsroom — JLL arranges $43.5M sale and acquisition financing of two R&D properties in Andover, Massachusetts