Condyne Capital Partners, LLC Announces Sale of Dascomb Road Property to NB Partners LLC
Braintree, MA – Condyne, a Massachusetts-based developer, has sold 160 Dascomb Road, a 125,609-square-foot research facility in Andover, located approximately 20 miles north of Boston, for $26.2 million. Condyne Capital Partners, LLC acquired this property in 2007 and performed building improvements that included the build-out of a 45,000 sq ft premier research space.
The facility was 100 percent leased to Lockheed Martin and data and security company Accu-Tech, a wholly-owned subsidiary of Anixter International, at the time of sale. Boston Private Bank provided $17.2 million in acquisition financing. Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo of JLL represented Condyne in the transaction. An affiliate of Northbridge Partners was the buyer.
This offering represented an opportunity to acquire a highly functional and flexible asset with durable income and strong market positioning within Boston’s world-renowned “think belt.”
160 Dascomb Rd. is accessed from I-93 via Exit 42, providing a direct connection to downtown Boston and the skilled workforce in Southern New Hampshire. The property is also near the intersection of I-495 and I-93, providing access from all directions.