Peak Real Estate sells 75 Tech. Dr in Lowell, MA for Jumbo Capital Inc.: NEREJ

Lowell, Mass. Boutique real estate brokerage firm Peak Real Estate Partners represented Jumbo Capital Inc. in the sale of 75 Technology Dr. to Rhino Capital Advisors LLC. Anthony Biette of Peak represented the seller in the transaction and acted for the buyer in its purchase of the 62,000 square foot property, offices and laboratories. The selling price has not been disclosed.

Located off of Rte. 3 in the Drum Hill section of town, the property represents a rare opportunity to secure a specialist investment, 100% tenant-credit leased.

Jay Hirsh, Managing Partner of Jumbo Capital, said, “The tenant, Microchip, was an excellent person to work with during our ownership, and it was their strength that attracted Rhino Capital to the highly specialized facility.

Brad Spencer, Partner at Jumbo Capital, said: “Our priority since the start of the acquisition was to restructure and extend the existing lease for Microchip, which was successfully executed in January of this year.

Kathleen Timmons, Asset Manager at Jumbo Capital, said: “The strong market, booming suburban location and superb credit from the now long-term tenant, have led to this opportunity to sell a stabilized asset to our buyers. We are extremely pleased with the outcome of this disposal and thank our partners at Middlesex Savings Bank for their collaboration and support during our ownership of the property.

Rhino Capital, worked with Northmarq and Cambridge Savings Bank to secure acquisition financing.

Carol N. Valencia