Medway-based IT firm sells HQ, turning $15M profit
Photo | Courtesy of JLL
The 120,000-square-foot headquarters of Spencer’s Technologies in Medway sold for $21.7 million.
Spencer Technologies, an IT service provider, has sold its Medway headquarters for $21.7 million where it will continue to operate as a tenant, according to JLL, the Chicago-based real estate firm whose Boston branch brokered the sale.
The 120,000-square-foot flex office building on 10 Trotter Drive in Medway sold to Lincoln Property Co., a Dallas-based real estate firm with a range of assets in Central Massachusetts.
The property was built in 1983 and is situated on nine acres of land. It includes 85,000 square feet of warehouse and 35,000 square feet of newly renovated office space, according to JLL’s press release.
Spencer Technologies, which was founded in 1972, occupies the entirety of the building. The firm specializes in providing tech service for the retail marketplace.
“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,” said JLL Senior Director Michael Restivo in a statement.
Spencer Technologies turned a profit of $15.1 million since the company bought the property in 2018 for $6.6 million, according to the Norfolk County Registry of Deeds. The property is assessed by the Town of Medway at $7.26 million.
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