Andover Medical Center Update 05/11/21
Andover Medical Center Sold for $55.2 Million
EverWest has sold the Andover Medical Center off the Northern Expressway for $55,200,000 to Andover 323 MP RK6, LLC - a subsidiary of Chicago-based Remedy Medical Properties.
“Andover Medical Center is a great example of today’s new and improved outpatient healthcare delivery – a state-of-the-art facility offering patients convenience and access to top-quality care close to home, all while expanding clinical synergies for its tenants. This asset is anchored by Lawrence General Hospital and Pentucket Medical (Mass General Brigham), and boasts a vibrant ecosystem of medical specialties,” said Newmark Knight Frank Senior Managing Director Michael Greeley. “We congratulate both EverWest and Remedy on a smooth transaction. This is the latest addition to Remedy’s growing portfolio of premier medical office buildings in the New England market, and a great complement to its regional presence.”
Constructed in two phases in 2015 and 2017, Andover Medical Center comprises three structures – a 69,992-square-foot medical office building, a 102-space structured parking garage and a freestanding 1,800-square-foot coffee shop.