Lincoln Property Buys $22M Medway Industrial Asset in Sale-Leaseback Deal
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.
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.