Boston, June 29, 2022 (GLOBE NEWSWIRE) — Gordon Brothers, the global advisory, restructuring and investment firm, in joint venture with Ciminelli Real Estate Corporation, has acquired a 93,500 square foot research and development building on 7.4 acres in Andover, Massachusetts for $19.8 million.
The property is located at 3 Riverside Drive, adjacent to 6 Riverside Drive, a 78,000 square foot office building that the joint venture acquired from the same owner in November 2021.
This acquisition expands Gordon Brothers’ research and development portfolio in the I-93 North market and its partnership with Ciminelli Real Estate Corporation, a full-service commercial real estate company.
“The growing demand for life sciences continues to expand beyond Cambridge and Somerville, putting pressure on supply and increasing demand for research and development space in the I-93 market. North,” said Alyssa Coughlin, director of real estate at Gordon Brothers. “This acquisition presents an exciting opportunity for our joint venture to continue to work together to meet this demand.”
“The building owner introduced this off-market opportunity to our joint venture following our successful acquisition of 6 Riverside Drive last year, which is a testament to our reputation and track record in the industry,” said Ryan Zebro , Vice President of Investments at Ciminelli Real Estate. Company. “We were approached because there was an execution bond. Our tenant focus is highly valued and complements our strong property management platform. »
Gordon Brothers invests in attractive value-added opportunities, including distressed, transitional and surplus corporate real estate. The Company offers various investment strategies, including asset acquisitions, equity investments in joint ventures and sale-leasebacks. Gordon Brothers purchases existing notes and offers various debt strategies to owners, including Senior Loans, Bridge Loans and Mezzanine Financing.
In addition to its real estate investment platform, Gordon Brothers offers a variety of real estate services such as lease restructuring and termination, lease renewals, site selection, augmentation of internal real estate service, portfolio reviews and the sale of real estate.
About the Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors navigate change. The company brings a powerful combination of expertise and capital to its clients, developing customized solutions on an integrated or stand-alone basis across four service areas: valuations, divestments, financing and investment. Whether fueling growth or facilitating strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, best use of assets and mitigate liabilities. The company completes more than $100 billion in divestments and valuations annually and provides short- and long-term capital to transforming clients. Gordon Brothers lends and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both collectively and individually, to provide customers with liquidity solutions beyond its state-of-the-art disposal and valuation services. The company is headquartered in Boston and has more than 30 offices on five continents.
About Ciminelli Realty Corporation
Based in Buffalo, New York, Ciminelli Real Estate Corporation (www.ciminelli.com) specializes in providing commercial real estate services, including development, facilities management, investments, residential management, asset management , tenant representation, real estate consulting and brokerage services to more than 350 international, national and local clients in New York, Florida, Massachusetts and Pennsylvania.
CONTACT: Lauren Nadeau Gordon Brothers +1.617.422.6599 [email protected]