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JLL is pleased to offer for sale 75 Technology Drive in Lowell, Massachusetts. 75 Technology is a 62,000 square foot flex/R&D facility, 100% leased to Microchip Technology, Inc. (NASDAQ: MCHP). This offering represents an exciting opportunity to acquire a highly specialized flex/R&D facility anchored by a sought after credit tenant.
Microchip Technology, Inc., is a global leader in the production of micro-controller, analog, FPGA, connectivity and power management semiconductors. Founded in 1987, Microchip’s stock is currently valued in excess of $95 per share. Microchip renewed their lease in May of 2019 furthering a strong relationship with the property, one that began in 2000.
Located less than 4 minutes from U.S. Route 3, with regional highway access to all of New England, 75 Technology Drive benefits from a regional workforce. With 4 years of remaining lease term, the property offers immediate cash flow stability and a heavily embedded tenant with a strong credit profile. The combination of building characteristics and strong tenant credit present a rare opportunity for investors. The property is being marketed “as-is” and is free and clear of any debt.
- Highly specialized flex/R&D facility
- Leased 100% to Microchip Technology (NASDAQ: MCHP)
- Site operating history of 20 years
- Market cap of $24 billion and 25% year-over-year revenue growth (Dec 2019)
- Absolute NNN lease, 4 years remaining