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Rhino Capital Advisors Acquires 62,000 SF Industrial Property In Lowell, MA For $12.4M

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SOLD
$12,400,000

Massachusetts

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Industrial62,000 SF
Sold 07/19/2022
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Property Image
SOLD

Rhino Capital Advisors Acquires 62,000 SF Industrial Property In Lowell, MA For $12.4M

75 Technology Drive

See Similar Deals
Industrial62,000 SF
Sold 07/19/2022
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Industrial
Price Per Square Foot:$200
Total Square Footage:62,000 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 75 Technology Drive, Lowell, Massachusetts. It is an industrial asset with a total square footage of 62,000. The transaction was completed at a sale price of $12,400,000, which equates to a price per square foot of $200.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $12,400,000
  • Buyer: Rhino Capital Advisors
  • Seller: Jumbo Capital, Inc
  • Broker: Anthony Biette - Peak Real Estate Partners
  • SF: 62,000
  • PPSF: $200

Anthony Biette of Peak Real Estate Partners represented Jumbo Capital Inc. in the sale and also procured Rhino Capital Advisors as the buyer. The transaction included a long-term lease agreement with the tenant Microchip, which was a significant factor in attracting the buyer. Statements from Jumbo Capital revealed their focus on restructuring the lease for Microchip prior to the sale, contributing to the asset’s appeal during the transaction.

Players

Anthony Biette
Freudenheim Partners
Anthony Biette
4 deals$27.9M volume(617) 771-5691
BROKER
Anthony Biette
Freudenheim Partners
Anthony Biette
4 deals$27.9M volume(617) 771-5691
BROKER
RA
Rhino Capital Advisors
BUYER
JI
Jumbo Capital, Inc
SELLER

Details

SOLD
IMAGE: Anthony Biette DATE: 07/19/2022 ADDRESS: 75 Technology Dr MARKET: Lowell, MA ASSET TYPE: Industrial BUYER: Rhino Capital Advisors SELLER: Jumbo Capital, Inc BROKER: Anthony Biette - Peak Real Estate Partners SALE PRICE: $12,400,000 SF: 62,000 ~ PPSF: $200 NOTE FROM BROKER: PEAK REAL ESTATE PARTNERS SELLS 75 TECHNOLOGY DRIVE, LOWELL FOR JUMBO CAPITAL INC. Boutique real estate brokerage firm Peak Real Estate Partners represented Jumbo Capital Inc. in the sale of 75 Technology Drive, Lowell, Massachusetts to Rhino Capital Advisors LLC. Anthony Biette of Peak represented the seller in the transaction and procured the buyer in its purchase of the 62,000 square foot, office and lab property. Located just off of Route 3 in the Drum Hill section of Lowell, the property represents a rare opportunity to obtain a highly specialized, 100% leased credit-tenant investment. Jay Hirsh, Jumbo Capital Managing Partner, said “the tenant, Microchip, has been excellent to work with during our ownership, and their strength was what attracted Rhino Capital to the highly specialized facility.” Jumbo Capital partner, Brad Spencer said “our priority from the onset of acquisition was to restructure and extend the existing Lease for Microchip, which was successfully executed in January of this year.” Kathleen Timmons, asset manager at Jumbo Capital added, “the strong market, burgeoning suburban location and superb credit of the now long-term tenant, drove this opportunity to sell a stabilized asset to our buyers. We are extremely pleased with the outcome of this disposition and thank our partners at Middlesex Savings Bank for their collaboration and support during our hold of the property.”

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