Image courtesy of Peak Real Estate Advisors

Quincy-based Jumbo Capital has sold an office-lab property in Lowell to Rhino Capital after extending a full-building lease with the existing credit tenant.

The 75 Technology Drive property includes a 62,000-square-foot building developed in 1985 that’s leased to Microchip Technology, a publicly-traded semiconductor manufacturer headquartered in Chandler, Arizona. The property sold for $12.4 million, according to a Middlesex County deed.

“Our priority from the onset of acquisition was to restructure and extend the existing lease for Microchip, which was successfully executed in January of this year,” Jumbo Capital Brad Spencer said in a statement.

Jumbo Capital acquired the property in October 2020 for $7.7 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Peak Real Estate Partners’ Anthony Biette represented Jumbo Capital in the sale and procured the buyer.

Jumbo Capital Sells Lowell Property After Lease Extension

by Banker & Tradesman time to read: 1 min