Andover Offices Sold for Quarter of ’22 Price 

Alexandria Real Estate Equities Inc. has divested a three-story Andover office building for $3.9 million, marking a significant decrease from its purchase price two years ago, as reported by Boston Business Journal.  

The property, located at 138 River Road, was acquired by a limited liability company linked to executives from Energy North Group, a gas station operator based in Lawrence. Alexandria had initially bought the building for $14.3 million as part of a larger acquisition in January 2022, amidst heightened demand for life sciences real estate.  

Alexandria continues to hold other properties from the same 2022 deal. The company has been strategically selling assets to raise capital, following losses on previous acquisitions in South Boston and Newton. The River Road property was assessed at $10.5 million this year.