Jones Lang LaSalle Inc.
09/28/2026 | Press release | Distributed by Public on 09/28/2026 12:35
JLL arranges $43.5M sale and acquisition financing of two R&D properties in Andover, Massachusetts
Key Takeaways
• JLL Capital Markets arranges the $43.5 million sale of 3 and 6 Riverside Drive, two R&D manufacturing properties totalling 171,764 square feet in Andover, Massachusetts
• Ciminelli Real Estate Corporation and Gordon Brothers sold the fully leased properties to Hendrie Lane Capital and V12 Investments
• Three of the four tenants operate their headquarters from the properties, spanning medical device, musical instrument, aerospace, and analytical instrumentation sectors
BOSTON, Sept. 28, 2026 - JLL Capital Markets announced today the $43.5 million sale and financing of 3 and 6 Riverside Drive, two premier flex/R&D properties totaling 171,764 square feet in Andover, Massachusetts.
JLL represented the seller, Ciminelli Real Estate Corporation and Gordon Brothers, in the transaction. Hendrie Lane Capital and V12 Investments acquired the assets. JLL also arranged $28.61 million in acquisition financing for the buyer through Washington Trust.
The properties are 100% leased to four tenants spanning medical equipment manufacturing, musical instrument production, aerospace defense R&D and analytical instrumentation sectors. Three of the four tenants operate their headquarters from the Riverside Drive campus, underscoring the location's strategic importance for high-tech manufacturing, medical device and advanced technology users.
Both properties feature two-story construction with clear heights exceeding 15 feet, substantial power capacity and flexible configurations that support a mix of office and R&D/manufacturing uses. The 93,500-square-foot building at 3 Riverside Drive was built in 1985, while the 78,264-square-foot property at 6 Riverside Drive was constructed in 1989 and expanded in 2020. Combined, the campus provides 445 surface parking spaces and loading dock access.
Located 25 miles north of Boston, the properties offer superior highway connectivity with direct access to Interstate 93 and proximity to Interstate 495, Route 3 and Route 128. The campus sits just five miles from the New Hampshire border, providing access to deep labor pools across Greater Boston, Cambridge and Southern New Hampshire. The location benefits from Andover's established presence as a northern suburban cluster recognized for its concentration of advanced technology, life science and manufacturing companies.
The JLL Capital Markets team was led by Managing Directors Scott Carpenter & Andrew Gray, associate Chris Barry, & Vice Chairman Chris Lawrence. Chris Neelon & 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," 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."
"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 added. "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."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About Ciminelli Real Estate Corporation
Headquartered in Buffalo, New York, Ciminelli Real Estate Corporation (www.ciminelli.com) is a full-service real estate firm providing development, construction management, property and facilities management, brokerage, tenant representation, asset management, consulting, and investment services. For more than 40 years, Ciminelli has delivered innovative real estate solutions for corporate, institutional, healthcare, industrial, residential, and mixed-use clients across the east coast. The company manages and develops millions of square feet of commercial and residential properties while helping organizations optimize the value and performance of their real estate assets.
About Gordon Brothers
Since 1903, Gordon Brothers has maximized liquidity through realizable asset value by providing the people, expertise and capital to solve business challenges. Our solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimize asset values throughout the business cycle. We work across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands and real estate. We are headquartered in Boston with over 30 offices across North America, Europe, the Middle East and Africa, and Asia Pacific.
About Hendrie Lane Capital
Hendrie Lane Capital is a privately held real estate investment company founded in 1977 that has invested in over 25 properties in New York City, the Greater Tri-State Area, Massachusetts, Florida, and other dynamic markets in the Southeastern United states. We invest in all assets classes but primarily focus on office, medical office, research & development, advanced manufacturing, life science, and apartment properties. Hendrie Lane Capital centers its investment thesis around the increasing disaggregation of talent brought about through the advancement in technology and demographic trends.
About V12
V12 is a commercial real estate investment firm focused on flex, manufacturing, and warehousing assets alongside select alternative verticals.
About Washington Trust Bank
Washington Trust Bank is the largest independently owned full-service commercial bank in the Northwest, serving the region since 1902. A wholly owned subsidiary of W.T.B. Financial Corporation, Washington Trust Bank has $11 billion in assets. Headquartered in Spokane, Washington Trust Bank currently has over 45 branches and offices in Washington, Idaho and Oregon. The bank employs approximately 1,200 people.
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