LOWELL MA – Jumbo Capital Management, LLC acquired 75 Technology Drive from Suffolk Advisors in an off-market transaction facilitated by Anthony Biette of Peak Real Estate Partners.
Adding 62,000sf of semiconductor lab and R&D space to their existing 4.5 million sf of real estate in the Greater Boston Area, Jumbo partnered with blue-chip credit tenant Microchip Technology Inc. who occupies the entire facility. The transaction was capitalized by a Joint Venture partnership between Jumbo and Iron Point Real Estate Partners, and a newly originated loan with Middlesex Savings Bank.
75 Technology Drive is well located in the Drum Hill Technology Park of Lowell, MA. With strong amenities in the immediate area and superior access to the Northwest Expressway (MA-3) and I-495, this 1980s vintage building has been home to this semiconductor division of Microchip Technology since 1988.
Tom Powers Jr. of Jumbo Capital Management said: “the strong market fundamentals of Flex-R&D space in Greater Boston, paired with a strong in-place tenant in Microchip Technology position 75 Tech well for the future. Jumbo and Iron Point are excited to transact for a third time this year and continue the successful relationship with Vice President Jeff Kerl and his team at Middlesex Savings Bank.”
Jumbo Capital partner Brad Spencer said: “we were attracted to the below market rent, below replacement cost pricing and a very strong credit tenant with many expensive improvements throughout the facility.”
About Jumbo Capital is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 in order to peruse investment opportunities brought about by the “great recession”. Jumbo has demonstrated impressive growth since then. Currently, the firm manages 4.5 million square feet of commercial real estate in the Greater Boston area. Jumbo provides local expertise and a high quality of service across its comprehensive range of investments.
Iron Point Partners operates as a real estate private equity firm. The company uses the Iron Point Funds to target opportunistic investments throughout the United States. With over $2.5 billion of equity capital raised, Iron Point focuses on a highly selective approach in making investments across various sectors of real estate. Prior to formation in 2007, Iron Point Partners senior investment team managed investment vehicles for the Bass family office that included RMB Realty and Oak Hill Realty.
Suffolk Advisors is a private, Lexington-based real estate investment firm with assets located throughout eastern Massachusetts.