FOR IMMEDIATE RELEASE
Boston, MA (May 10, 2021) — Newmark announces the $55.2 million sale of Andover Medical Center, a trophy medical office complex located in the Boston suburb of Andover, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley, Director Blake McLaughlin and Associate Allie Percoco of the firm’s Boston Capital Markets Group represented the seller and procured the buyer, Remedy Medical Properties. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support. Newmark’s National Healthcare Capital Markets Group, which includes Michael along with Executive Managing Director Ben Appel, Senior Managing Director Jay Miele and Managing Director John Nero, is pleased to highlight this sale as an example of the offerings available by the group.
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, all while expanding clinical synergies for its tenants. This asset is anchored by Lawrence General Hospital and Pentucket Medical (Mass General Brigham), and boasts a vibrant ecosystem of medical specialties,” said Michael. “We congratulate both EverWest and Remedy on a smooth transaction. This is the latest addition to Remedy’s growing portfolio of premier medical office buildings in the New England market, and a great complement to its regional presence.”
Andover Medical Center is situated directly off Interstate 93 at its intersection with Route 133, which provides it with seamless accessibility for patients across Merrimack Valley. According to Newmark Research, the property is surrounded by a 15-mile population count of 1.1 million people with an average household income of $128,300.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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