ANDOVER, MA–Privately held real estate investment firm, Jumbo Capital announced the sale of 3 properties from its Research and Development portfolio to Rhino Capital Advisors, LLC.
The sale of “The Andover Collection” included 3 separate buildings, together comprising more than 240,000 RSF, located at 3 & 6 Riverside Drive and 1 Corporate Drive in Andover, Massachusetts.
Jumbo originally acquired the properties through 3 separate transactions for a total of $11.4m. Significant capital improvements we completed prior to bringing the property to market for sale. Rhino purchased the buildings for $27.4m Wednesday. Jumbo will continue to manage the property under the new ownership.
“It has been a pleasure improving these assets and working with the tenants of the building to aid in its continued success.” Said Nick Trocki, Vice President at Jumbo Capital.
Jumbo Founder and Managing Partner, Jay Hirsh expressed his firm’s pleasure at the win-win nature of the deal. “I am humbled by the hard work of the Jumbo team in closing another deal. With strong anchor tenants such as Fishman Transducers and NEO Labs, Rhino will do very well with the acquisition of this asset. As always, thank you to Brookline Bank for making this transition run smoothly.”
All 3 buildings are categorized as Class A R&D. The largest is 3 Riverside Drive, which is a 93,000 SF, 2 Story building. 6 Riverside Drive has 77,000 SF on 2 Stories. And 1 Corporate Drive comprises 69,700 SF on two floors as well. Improvements on campus included major lobby renovations, parking lot resurfacing, lighting improvements and new rooftop HVAC. The transaction was partially financed by Brookline Bank.