Lockheed Martin R&D Facility Trades for $26M
- Nov 12, 2019
An affiliate of Boston-based real estate investment firm NorthBridge Partners has purchased an advanced research facility occupied in part by Lockheed Martin Corp. in Andover, Mass. The 125,609-square-foot property, 160 Dascomb Road, sold for $26.3 million and the deal was subject to $17.2 million in financing.
The seller was an entity of real estate developer Condyne Capital Partners. JLL represented the seller, procured the buyer and arranged the acquisition financing through Boston Private Bank.
Located off Interstate 93, the property offers direct access to downtown Boston and the skilled workforce of southern New Hampshire and is also nearby Interstate 495. The building is 100 percent leased on a long-term basis to aerospace defense giant Lockheed Martin and Accu-Tech, a subsidiary of NYSE-listed Anixter International.
Lockheed Martin inked a lease for 41,199 square feet in the flex building in 2017, to be used for research and development purposes by its Advanced Energy Storage division. This past August, Condyne announced that Lockheed Martin would be expanding its leased premises by 55,000 square feet.
Condyne sells advanced facility
Built in phases in 1965 and 2008, Condyne acquired the asset from Smith & Nephew as part of a $6.9 million portfolio deal in December 2006, according to Yardi Matrix. The one-story property features high-bay warehouse space with 22-foot and 30-foot clear heights, 11 existing dock-high doors, flexible layout and upgraded HVAC systems and roof.
Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo led the JLL Capital Markets team that represented the seller in the transaction, while Lauren O’Neil and Jonathan Schneider represented the borrower.
Northbridge Partners acquires, develops and manages logistics property investments on the East Coast of the U.S. In January, the company paid a little over $16 million to purchase North 70 Distribution Center, a 258,934-square-foot industrial facility in Durham, N.C. from Thackeray Partners and Meridian Development Group. Northbridge also took out an $8.8 million loan from KeyBank National Association to finance the acquisition.