JLL has closed the $21.7 million sale-leaseback and arranged $14.5 million in acquisition financing for a 120,000-square-foot industrial warehouse and office building in the Boston-area community of Medway, MA.

Lincoln Property Company acquired the asset from Spencer Technologies and entered into a long-term lease with the seller for it to continue to fully occupy the property.

A JLL team of Coler Yoakam, Michael Restivo, Martha Nay, Lenny Pierce and Sean Lynch represented the seller. JLL’s Amy Lousararian placed an acquisition loan with HarborOne Bank on behalf of the buyer.

“This was a great opportunity for Spencer Technologies to take advantage of the sharp increase in industrial asset prices and capitalize on a sale-leaseback transaction to help free up capital and invest back into the business,” said Restivo.

The 1983-constructed property on Trotter Drive is situated on nine acres with 85,000 square feet of warehouse and 35,000 square feet of newly renovated office space.