Image courtesy of JLL

An information technology services company is cashing in on demand for industrial properties in the Boston suburbs with a $21.7 million sale-leaseback of its global headquarters.

Spencer Technologies leased back the 10 Trotter Drive property in Medway from landlord Lincoln Property Co.

Built in 1983, 10 Trotter Drive contains 85,000 square feet of warehouse and 35,000 square feet of recently renovated office space on a 9-acre parcel.

JLL represented the tech company in the transaction and sourced the acquisition loan from HarborOne Bank.

 “This was a great opportunity for Spencer Technologies to take advantage of the sharp increase in industrial asset prices and capitalize on a sale-leaseback transaction to help free up capital and invest back into the business,” JLL Senior Director Michael Restivo said in a statement.

IT Firm Monetizes Real Estate in Sale-Leaseback

by Banker & Tradesman time to read: <1 min