Image courtesy of Hendrie Lane Capital

A joint venture including Connecticut-based Hendrie Lane Capital bought a fully leased portfolio in Massachusetts for $43.5 million as part of its strategy to acquire buildings at discounts to replacement cost.

The 3 and 6 Riverside Drive transaction in Andover, a northern exurb of Boston near the New Hampshire line, is part of Hendrie Cane Capital’s focus on R&D and advanced manufacturing property acquisitions..

The Andover transaction includes two buildings totaling 170,771 square feet of R&D and manufacturing space, located on a 16-acre property.

“The quality of the real estate, the yield profile and the duration of the existing leases give us immediate, steady cash flow from day one, with meaningful upside as the market continues to recognize the value of this asset class,” Hendrie Lane Capital Principal Tony Calabrese said in a statement.

The properties are leased to guitar amplifier manufacturer Fishman, NEOLab, Physical Sciences Inc. and SciAps.

The acquisition is a joint venture with V12 Investments and the Zaro Group. The seller was Ciminelli Real Estate Corp.

Riverside, Connecticut-based Hendrie Lane Capital announced that it is seeking to acquire R&D and advanced manufacturing properties in Greater Boston and other markets including North Carolina’s Research Triangle, Washington, D.C., New York tri-state region and San Francisco Bay area.

JLL represented the seller and arranged $28.6 million in financing Washington Trust Co.

The two properties previously traded for a combined $32.2 million in separate transactions in 2021 and 2022.