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Boston & New England  + Metro Boston  + Healthcare  | 

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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