Gordon Brothers, 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.