Updated Sep 23, 2026
Hendrie Lane Capital, V12 Investments & The Zaro Group Acquire Industrial Property For $43.5M In Andover MA
3 Riverside Drive & 6 Riverside Drive
$43,500,000
$254/SF
Building Size
171,000 SF
Asset Type
Industrial
Closing
Sep 22, 2026
About this deal
AI
The transaction involved a 16-acre, two-building research and development (R&D) and advanced manufacturing property located at 3 and 6 Riverside Drive in Andover, MA. The total square footage of the property is 171,000, and it was sold for $43,500,000, which translates to a price per square foot of $254. The property is currently fully leased to NEOLab, Physical Sciences, SciAps, and Fishman.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $43,500,000
- Address: 3-6 Riverside Drive
- Market: Andover, MA
- Square Footage: 171,000
- Price per Square Foot: $254
- Buyer: Hendrie Lane Capital, V12 Investments & The Zaro Group
- Seller: Ciminelli Real Estate Corp
- Brokers: Andrew Gray, Hugh Doherty & Emily Fuller - JLL
Hendrie Lane Capital, V12 Investments, and The Zaro Group were the buyers in this transaction, while Ciminelli Real Estate Corp acted as the seller. The deal was facilitated by brokers Andrew Gray, Hugh Doherty, and Emily Fuller, all representing JLL.
Players
Essex Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93