Newmark arranged the sale of 23 Frontage Rd., a flex/R&D building located 25 miles north of Boston in Andover, MA. The sale price was not disclosed. A Newmark team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper represented the seller and procured the buyer, Rhino Capital Advisors LLC.
The Newmark Boston Debt & Structured Finance team of David Douvadjian, Sr., Timothy O’Donnell, David Douvadjian, Jr., Bobby Alvarado and Conor Reenstierna secured acquisition financing on behalf of the buyer.
“23 Frontage Rd. offers an exceptional re-leasing opportunity in Boston’s northern suburbs,” said Sleeper. “The surrounding area is the region’s most desirable cluster for employers in the medical, life science and technology manufacturing segments, given its access to labor pools across both northern Massachusetts and southern New Hampshire.”
Totaling 64,200 square feet across two stories, 23 Frontage Rd. is currently 100% leased on a short-term basis to a security technology company.
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