Cummings Completes First Acquisition in Andover
The company acquired the Class A office/R&D building for $12 million. The property is 71 percent occupied by a diverse roster of tenants.
By Corina Stef
40 Shattuck Road, Andover, Mass.
Boston Properties announced the disposition of one of its Essex County properties, located at 40 Shattuck Road in Andover, Mass. The buyer was Cummings Properties, which made its first purchase in the area. According to public records, the Class A asset traded for $12 million, marking the building’s first sale.
“We have been seeking an investment-grade property for our employee equity program, and 40 Shattuck offered a good value for an extremely well-built and well-maintained building within a thriving business cluster,” Cummings Properties President & CEO Dennis Clarke said in a prepared statement.
Multi-tenant building
The 120,000-square-foot, three-story building was constructed in 2000 and sits on a 20-acre parcel, Yardi Matrix data shows. Amenities include a two-story lobby with a grand staircase and 480 parking spaces. Located at the junction of Interstate 93 and Rover Road, the asset is in proximity of Minuteman Park, restaurants and ATMs. It is also 25 miles from Hanscom Field airport. Additionally, the property is 71 percent leased to tenants such as Keysight Technologies, BLW Engineers, The FootBridge Cos., Agri-Mark/Cabot Creamery, Woodard & Curran and Caradigm. The building currently has 35,000 square feet of available space.
Image courtesy of Yardi Matrix
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