Boston-Area R&D, Advanced Manufacturing Assets Sell for $44M

September 24, 2026

Investment Boston Industrial News More Northeast Office

Ciminelli Real Estate Corp. sold the portfolio.

Hendrie Lane Capital, V12 Investments and The Zaro Group have acquired a two-building, 170,771-square-foot research and development and advanced manufacturing portfolio in Andover, Mass., Ciminelli Real Estate Corp. sold the assets for $43.5 million.

Washington Trust Bank provided $28.6 million in acquisition financing for the deal. JLL represented the seller and arranged the financing.

The transaction marks the first acquisition for Hendrie Lane under its new R&D and advanced manufacturing investment strategy. The firm is targeting properties in Greater Boston, the New York tri-state region, Greater Washington, D.C., the San Francisco Bay Area and North Carolina’s Research Triangle.

The Andover assets are located at 3 and 6 Riverside Drive. The properties are fully leased to a roster of research and development and advanced manufacturing companies including Fishman, maker of the Fishman line of acoustic guitar amplifiers and pickups; NEOLab; Physical Sciences Inc.; and SciAps. Three of the four tenants have their headquarters at the Riverside Drive properties.

JLL Managing Director Scott Carpenter represented Ciminelli in the transaction. A JLL Capital Markets team of Managing Director Andrew Gray, Vice President Hugh Doherty and Analyst Emily Fuller arranged the financing.

A closer look at Riverside Drive

The larger of the adjacent two-story buildings is 3 Riverside Drive, which has 91,350 square feet. Built in 1985 on 7.4 acres, the asset had a cosmetic renovation in 2012. The property has 320 parking spaces. Ciminelli Real Estate acquired the property in June 2022 from Rhino Capital for $19.8 million in a joint venture with Gordon Brothers.

In November 2021, Ciminelli and Gordon Brothers purchased 6 Riverside Drive, a 77,048-square-foot building completed in 1989, for $12.4 million. The property, which has 275 parking spaces, had a cosmetic renovation in 2024.

The assets are located within Boston’s northern suburban cluster known for its concentration of advanced technology and life science companies. The properties are situated 25 miles north of Boston near Interstates 93 and 495 and 5 miles from the New Hampshire border, providing both highway connectivity and access to a deep labor pool.

What attracted buyers to the Andover assets?

Tony Calabrese, principal at Hendrie Lane Capital, said in prepared remarks the properties are the kinds of assets that Hendrie Lane is building its new strategy around—well-located, high-quality, well-maintained buildings, acquired at a significant discount to replacement cost and to historical market pricing.

Calabrese added the quality of the properties, yield profile and duration of the existing leases give the investors immediate, steady cash flow and also provide meaningful upside as the market continues to recognize the value of the asset class.

He noted the buyers were able to acquire the properties at office-type pricing, but they behave more like industrial assets. Among the reasons he cited were long-term triple-net leases and tenants that make substantial investments in their facilities. Calabrese said the recent momentum behind onshoring and boosting domestic supply chains should give the sector a long runway of rent growth.

For V12 Investments, the addition of 3 and 6 Riverside is a natural extension of the firm’s existing portfolio and investment thesis, according to Brian Appelman, managing partner. He said in a prepared statement the properties complement V12’s current cluster of six manufacturing and R&D assets across greater Boston and southern New Hampshire.