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Andover Medical Office Complex Fetches $55M
Newmark closed the $55.2-million sale of Andover Medical Center, a medical office complex in Andover, MA. A Boston capital markets team of Robert Griffin, Frank Nelson, Michael Greeley, Blake McLaughlin and Allie Percoco represented the seller, Denver-based EverWest Real Estate Investors, and procured the buyer, Remedy Medical Properties. Senior financial analyst Dominick Romano provided financial analysis support.
Constructed in two phases in 2015 and 2017, Andover Medical Center comprises three structures: a 69,992-square-foot medical office building, a 102-space structured parking garage and a freestanding 1,800-square-foot coffee shop.
“Andover Medical Center is a great example of today’s new and improved outpatient healthcare delivery – a state-of-the-art facility offering patients convenience and access to top-quality care close to home,” said Greeley. “This asset is anchored by Lawrence General Hospital and Pentucket Medical (Mass General Brigham), and boasts a vibrant ecosystem of medical specialties. We congratulate both EverWest and Remedy on a smooth transaction.”
- ◦Sale