Investors Acquire Andover R&D Portfolio for $43.5 Million

The two-building complex, situated on 16 acres, is currently fully leased to four established tenants, including Fishman, NEOLab, Physical Sciences, Inc., and SciAps. For three of these companies, the Riverside Drive location serves as their primary headquarters. Ciminelli Real Estate Corporation sold the property, while JLL facilitated the transaction and secured $28.6 million in financing through Washington Trust Bank.

Tony Calabrese, principal at Hendrie Lane Capital, described the portfolio as a model for the firm’s investment thesis: high-quality, well-maintained space acquired at a significant discount to replacement costs. Because the sector faces supply constraints—with many comparable properties being converted to labs or demolished—the investors anticipate long-term rent growth. By securing triple-net leases with established operators, the buyers aim to capture steady cash flow while benefiting from the ongoing momentum behind domestic supply chain onshoring. V12 Investments, which already manages six similar assets in Greater Boston and Southern New Hampshire, intends to leverage its operational expertise to support the site's specialized infrastructure.