Boston-area industrial building sells for $21.7M
JLL Capital Markets arranged the sale and $14.5M acquisition financing of the warehouse and office building in Medway, Massachusetts
BOSTON, March 8, 2022 – JLL Capital Markets announced today that it 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 at 10 Trotter Dr. in the Boston-area community of Medway, Massachusetts.
JLL marketed the property on behalf of the seller, Spencer Technologies, Inc. Lincoln Property Company acquired the asset and entered into a long-term lease with the seller for them to continue to occupy the property. Additionally, working on behalf of the new owner, JLL placed the acquisition loan with HarborOne Bank.
Built in 1983, 10 Trotter Dr. is situated on nine acres with 85,000 square feet of warehouse and 35,000 square feet of newly renovated office space. The building offers clear heights ranging from 17 to 21 feet, three tailboard docks, one ramped door, one drive-in door and ample parking. The property is fully occupied by the seller, a global IT solution and services company founded in 1972 that uses the property as its global headquarters.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Coler Yoakam, Senior Directors Michael Restivo and Martha Nay and Director Lenny Pierce, along with Managing Director Sean Lynch with JLL’s Agency Leasing team.
“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,” Restivo said.
The JLL Capital Markets Debt Advisory team working on behalf of the new owner was led by Director Amy Lousararian.
“The transaction’s tenancy, location and sponsorship were well received by the local lending community, and we are very pleased with the execution by HarborOne in this competitive process,” Lousararian added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Spencer Technologies, Inc
Spencer is a global IT solution provider servicing the retail marketplace. Founded in 1972, Spencer has grown to provide its retail clients holistic life cycle services and solutions from it’s from its world headquarters in Medway, Massachusetts.
About Lincoln Property Company
Lincoln Property Company is an international real estate firm offering a comprehensive suite of value-added services for their clients. With its substantial local presence in each of the markets Lincoln serves, the firm ideally situates their offices to clientele: tenants, investors, lenders, and owners of real estate. Their people and philosophy are the key ingredients for Lincoln’s solid track record of success.