Hendrie Lane Capital Acquires $43.5M R&D and Manufacturing Property in Andover

Connecticut-based Hendrie Lane Capital, in collaboration with V12 Investments and The Zaro Group, recently acquired a two-building, 16-acre property at 3 and 6 Riverside Drive in Andover, Massachusetts. The $43.5 million transaction involved the purchase of 171,000 square feet of fully leased R&D and advanced manufacturing space from Ciminelli Real Estate Corp. The property is currently occupied by tenants including NEOLab, Physical Sciences, SciAps, and music equipment company Fishman.

This acquisition represents Hendrie Lane Capital's strategic pivot into the R&D and advanced manufacturing sectors, a move driven by the firm's belief in a sustained growth period for these industries. The company aims to capitalize on what it perceives as a significant discount to replacement cost and historical market pricing for well-located, high-quality assets. JLL facilitated the sale, with Scott Carpenter representing the seller, and Andrew Gray, Hugh Doherty, and Emily Fuller arranging a $28.6 million acquisition loan from Washington Trust Bank for the buyer.

For developers and investors, this deal highlights the ongoing institutional interest in specialized industrial assets, particularly those with strong tenant bases and strategic locations in established research hubs.