Hendrie Lane JV Acquires Andover Manufacturing Portfolio

Hendrie Lane Capital, V12 Investments, and The Zaro Group acquired 3 & 6 Riverside Dr., a two-building, 170,771-square-foot research and development and advanced manufacturing portfolio in Andover, MA, for $43.5 million. The seller was Ciminelli Real Estate Corporation.

The properties are 100% leased to a roster of established research and development and advanced manufacturing companies.Three of the four tenants have made Riverside Drive their headquarters.

The transaction is the first under a new investment strategy at Hendrie Lane focused on R&D and advanced manufacturing properties in Greater Boston, the New York Tri-State Region, greater Washington, DC, the San Francisco Bay Area and North Carolina’s Research Triangle.

“Riverside Drive is exactly the kind of asset we built this strategy around: well-located, high-quality, well-maintained buildings, acquired at a significant discount to replacement cost and to historical market pricing, and leased long-term to time-tested tenants who have invested heavily in their space,” said Tony Calabrese, principal of Hendrie Lane.

JLL’s Scott Carpenter represented the seller. A JLL Capital Markets team of Andrew Gray, Hugh Doherty and Emily Fuller arranged $28.6 million in acquisition financing on behalf of the buyers from Washington Trust Bank.

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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