BOSTON, June 29, 2022 (GLOBE NEWSWIRE) — Gordon Brothers, the global consulting, restructuring and investment firm, has acquired a 93,500 square foot research and development building on 7.4 acres in a joint venture with Ciminelli Real Estate Corporation 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 that 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 company.
“Increasing demand in life sciences continues to spread beyond Cambridge and Somerville, putting supply-side pressure and increasing demand for research and development space in the I-93 North market,” said Alyssa Coughlin, Director, Real Estate at Gordon Brothers. “This acquisition represents an exciting opportunity for our joint venture to continue to work together to meet this 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 reputation and track record in the industry,” said Ryan Zebro, Ciminelli Real’s vice president of investments estate group. “We were approached because there was certainty of execution. Our tenant focus is highly regarded and complements our strong property management platform.”
Gordon Brothers invests in compelling value creation opportunities including distressed, transitional and excess corporate real estate. The Company offers various equity strategies including asset acquisition, joint venture equity investments and sale leasebacks. Gordon Brothers purchases existing debt obligations and offers owners a variety of debt strategies, 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, expansion of the internal real estate department, portfolio reviews and property sales.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has been helping lenders, management teams, advisors and investors move forward through change. The firm offers clients a powerful combination of expertise and capital, developing customized solutions on an integrated or standalone basis across four service areas: Valuations, Divestments, Financing and Investing. Whether driving growth or facilitating strategic consolidation, Gordon Brothers works with companies in the retail, commercial and industrial sectors to provide maximum liquidity, make the best possible use of assets and mitigate liabilities. The firm completes more than $100 billion in divestitures and valuations annually, providing both short and long-term capital to clients in transition. Gordon Brothers loans and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both collectively and individually, to provide clients with liquidity solutions that go beyond its market-leading disposition and valuation services. The company is headquartered in Boston and has more than 30 offices on five continents.
About Ciminelli Real Estate Corporation
Ciminelli Real Estate Corporation (www.ciminelli.com), headquartered in Buffalo, New York, specializes in the provision of commercial real estate services including development, facilities management, investments, 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.