ANDOVER, Mass., and CHICAGO, Aug. 11, 2021 – Remedy Medical Properties, the nation’s largest private owner of healthcare real estate, announced today the acquisition of the three-structure, 69,992-square-foot Andover Medical Center. The acquisition, considered to be one of Greater Boston’s premier medical office properties, is located in the highly desirable community of Andover, a suburb 25 miles north of Boston.
“Remedy is excited to announce the addition of this excellent Class A healthcare facility to our growing medical properties portfolio,” says Joe Magliochetti, Chief Investment Officer for Chicago-based Remedy. “Not only is it a beautiful, high-quality building, it is superbly located in a highly desirable submarket of Boston, and is fully occupied by very highly regarded healthcare tenants, including main anchor tenant Lawrence General Hospital and subtenants Mass General Brigham/Pentucket Medical, Orthopaedics Northeast and Boston Eye Group/Boston Laser, Andover Medical Center.”
The regional multi-specialty care center serves as a flagship off-campus outpatient facility for Lawrence General Hospital, a 186-bed community hospital located less than 10 miles away. In addition, Pentucket Medical, a member of Mass General Brigham, the largest healthcare system in Massachusetts, contributes to the impressive tenant mix. On-site services and specialties include urgent care; adult primary care; pediatrics and young adult care; gastroenterology; orthopaedics; ophthalmology; cardiology; imaging center/MRI; full-service diagnostic laboratory; Andover Surgical Associates; weight management; and physical, occupational and speech therapy.
Located at 323 Lowell St. in Andover, in the demographically attractive Boston MSA, Andover Medical Center is conveniently located directly off Interstate 93 at its intersection with Route 133, providing seamless access to patients throughout the Merrimack Valley. The medical center was constructed in two phases in 2015 and 2017 and comprises three structures: the 69,992-square foot medical office building, a 102-space structured parking garage and a freestanding 1,800 square-foot coffee shop.
“We at Remedy could not be more excited about this acquisition,” Mr. Magliochetti continues. “We were particularly attracted by the quality of the buildings and the highly esteemed tenants. The Greater Boston market is also exceptionally strong in terms of healthcare and healthcare real estate, and we are actively seeking additional opportunities in the MSA.”
Remedy’s acquisition of Cornwall Medical Pavilion closed May 4. Michael Greeley, Senior Managing Director of Newmark’s Medical-Academic Practice Group in Boston acted as the seller’s advisor.
Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with over 26 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients.