Carter Validus Nabs $37M Boston-Area Asset

By Bogdan Odagescu, Associate Editor

400 Minuteman Road, Andover, Mass.

Boston—NGKF recently announced it has closed the sale of 400 Minuteman Road, a 153,000-square-foot office property in Andover, Mass. The asset, which is part of the 1 million-square-foot Minuteman Park office campus, was bought by Carter Validus Mission Critical REIT II for $37 million from Spear Street Capital.

“400 Minuteman Road benefits from a ‘sticky’ tenant roster with Time Warner Cable operating a state-of-the-art data center at the property,” said Samantha Hallowell, NGKF associate director, in prepared remarks. “Additionally, it features exceptional positioning within a market-leading ‘super park’ with one of the most desirable corporate addresses in suburban Boston.”

Located roughly 27 miles north of central Boston and right next to Interstate 93, the property also offers convenient access to interstates 95 and 495. Completed in 2000, the two-story office building is 100 percent leased to Time Warner Cable and The Weather Co. According to Essex County records, the property last changed hands in 2015, for $34 million.

Image courtesy of The Brickstone Cos.