Fully Leased Andover R&D Portfolio Trades for $43.5M to Henri Lane

ANDOVER — Hendrie Lane Capital, V12 Investments and The Zaro Group have picked up the 170,771 SF R&D and advanced manufacturing campus at 3 & 6 Riverside Drive for $43.5 million, kicking off Hendrie Lane’s new push into specialized R&D and manufacturing real estate. Ciminelli Real Estate Corporation was the seller.

The two‑building, 16‑acre portfolio is fully leased to four long‑time tenants — Fishman, NEOLab, Physical Sciences Inc., and SciAps — three of which run their headquarters out of the Andover site. Long‑term, triple‑net leases and below‑market rents set the stage for future mark‑to‑market upside.

Hendrie Lane Principal Tony Calabrese said Riverside Drive checks every box the firm is targeting: quality buildings, sticky tenants, and a big discount to replacement cost. With construction in the region topping $500/SF, he sees the R&D/advanced manufacturing sector as supply‑starved and primed for sustained rent growth.

For V12 Investments, the deal plugs right into its existing cluster of six R&D and manufacturing assets across Greater Boston and Southern New Hampshire. Managing Partner Brian Appelman said the partnership plans to keep investing in the campus to support the companies already entrenched there.

The property sits 25 miles north of Boston, near I‑93 and I‑495, in a corridor known for tech, life science and precision manufacturing users — a pocket that’s drawn steady demand thanks to strong labor access and limited new supply.

JLL’s Scott Carpenter represented the seller. A JLL Capital Markets team of Andrew Gray, Hugh Doherty and Emily Fuller arranged $28.6 million in acquisition financing through Washington Trust Bank.