Gordon Brothers, the global advisory, restructuring and investment firm, in a 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 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 firm.
“Rising demand in life sciences continues to expand beyond Cambridge and Somerville, putting supply-side pressure and increasing demand on research and development space in the I-93 North market,” said Alyssa Coughlin, Director, Real Estate at Gordon Brothers. “This acquisition presents an exciting opportunity for our joint venture to continue working together to meet that demand.”
“The building owner presented this off-market opportunity to our joint venture following our successful acquisition of 6 Riverside Drive last year, which speaks to our reputations and track records in the industry,” said Ryan Zebro, Vice President of Investments at Ciminelli Real Estate Corporation. “We were approached because there was surety of execution. Our tenant focus is highly regarded and complements our strong property management platform.”
Gordon Brothers invests in compelling value-add opportunities including distressed, transitional and excess corporate real estate. The firm offers various equity strategies including asset acquisitions, joint venture equity investments 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, in-house real estate department augmentation, portfolio reviews and the sale of real estate.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About Ciminelli Real Estate Corporation
Headquartered 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 over 350 international, national, and local clients in New York, Florida, Massachusetts, and Pennsylvania.