BOSTON–JLL’s Capital Markets team recently announced the sale of 34 St. Martin Drive in Marlborough, MA, on behalf of Lincoln Property Company.
California-based Menlo Equities purchased the 206,000 square-foot flex and data center asset for $33,250,000. The JLL team was comprised of Frank Petz, Matt Sherry, and Tom Ragno.
At the time of sale, the property was 95% leased, with data center tenants TierPoint and Crown Castle leasing 85% of the property’s rentable square footage with a weighted average lease term of well over 10 years.
“Lincoln transformed this asset from commodity multi-tenant flex space to an institutional quality data center asset over the course of their ownership. They envisioned this transformation when they acquired the Property, and that vision has been validated with a savvy player in the data center world stepping up to win this deal,” said Petz.
