Remedy Medical Properties has paid $55.2 million for Andover Medical Center, a 69,992-square-foot medical office property in the Boston suburb of Andover, Mass. According to CommercialEdge data, the previous owner was EverWest Real Estate Investors. Newmark represented the seller and procured the buyer in the deal.
The purchase nearly doubles Remedy’s metro Boston footprint. The firm’s other medical office property in the market is Westford Health Center, a 64,542-square-foot asset in Westford, Mass., that Remedy acquired in 2018.
Andover Medical Center is the largest of the three medical office properties in excess of 25,000 square feet that have traded across metro Boston since the beginning of the year, CommercialEdge data shows. Anchored by Lawrence General Hospital and Pentucket Medical, the property occupies nearly 3 acres at 329 Lowell St., in the Merrimack Valley East submarket.
Developed in two phases, in 2015 and 2017, the Class B facility comprises a three-story office building, as well as a 102-space parking garage and a freestanding 1,800-square-foot coffee shop. Specialty services provided include general surgery, cardiology, gastroenterology and orthopedics.
Andover Medical Center is roughly 22 miles northeast of downtown Boston and 3 miles southwest of downtown Andover, near Interstate 93 at the intersection with U.S. Route 133.
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 assisted the seller in the disposition and also procured the buyer. In addition, Senior Financial Analyst Dominick Romano provided financial analysis support.
In April, Remedy acquired a four-building, 100,419-square-foot medical office campus in Gresham, Ore., in partnership with Kayne Anderson Real Estate Advisors. The joint venture paid nearly $31 million for the facility that was 79 percent leased at the time of sale.