Dealmaker: Newmark Completes $55M Sale of Andover Medical Center

Newmark, New York, closed the $55.2 million sale of Andover Medical Center, a medical office complex in Andover, Mass.

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, Chicago. Senior Financial Analyst Dominick Romano provided analytical support.

Constructed in two phases in 2015 and 2017, Andover Medical Center comprises three structures, a 70,000-square-foot medical office building, a 102-space structured parking garage and a freestanding 1,800-square-foot coffee shop.

Greeley said Andover Medical Center is anchored by Lawrence General Hospital and Pentucket Medical (Mass General Brigham) and includes numerous medical specialties. The asset sits at the intersection of Interstate-93 and Route 133. Newmark Research said the property is surrounded by 1.1 million people with an average household income exceeding $128,000 within a 15-mile radius.