Condyne sells 160 Dascomb Road in Andover, Massachusetts
JLL arranges $26.25M sale and $17.3M financing of the mission-critical research facility
BOSTON, November 11, 2019 – JLL announced today that it has arranged a $26.25 million sale and $17.23 million financing for 160 Dascomb Road, a state-of-the-art flex building in the highly affluent community of Andover, Massachusetts.
JLL exclusively represented the seller, a Condyne entity, procured the buyer, an affiliate of NorthBridge Partners and facilitated the acquisition financing through Boston Private Bank.
160 Dascomb Road is a 125,609-square-foot advanced research facility that is 100% leased to Lockheed Martin (NYSE: LMT) and Accu-Tech, a wholly-owned subsidiary of Anixter International (NYSE: AXE) on a long-term basis. This offering represented an exciting opportunity to acquire a highly functional and flexible asset with durable income and strong market positioning within Boston’s world-renowned “think belt.”
160 Dascomb Road is easily accessed from Interstate 93 via Exit 42, providing a direct connection to downtown Boston and the highly skilled workforce in Southern New Hampshire. More importantly, the property is just minutes from the critical intersection of Interstate 495 and Interstate 93 – providing unmatched access from all directions.
JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo. Lauren O’Neil and Jonathan Schneider exclusively represented the borrower.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.