Buffalo, New York – Ciminelli Real Estate Corporationa full-service real estate services company with a commercial real estate portfolio of over 23 million square feet of owned, managed and developed real estate, announced that it has completed the purchase of 6 river banks in Andover, MA.
The sale price for the 78,000 square foot office building and 8.6 acre lot was $12,400,000.
Ciminelli Real Estate Corporation executives Christopher NelsonManaging Director – Massachusetts Investments, Boston, MA, and Ryan ZebroVice President of Investments, Buffalo, NY, led the transaction for Ciminelli and equity partner, Gordon brothers.
Zebro stated, “The acquisition of 6 Riverside is Ciminelli’s fifth building in Massachusetts, bringing the portfolio to a total of 274,142 square feet, and is a continuing signal to the market and investors of our desire to grow in the Boston area. This acquisition gives Ciminelli and our partners a unique opportunity to convert office space into research and development space while taking full advantage of high demand
limited supply on the market. The high-demand location on the I-93 North market will help make this an attractive space for commercial tenants.”
6 Riverside is a Class A office property located in a growing research and development corridor in Boston.
Ciminelli’s planned conversion of the building into research and development rooms,
The creation of a unique double-stacked entity and proximity to nearby companies such as Pfizer, Putnam and Schneider Electric combine to create significant future value creation.
Headquartered in Buffalo, New York, Ciminelli Real Estate Corporation specializes in providing commercial real estate services including development, facilities management, housing 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.
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