Alexandria Real Estate Equities Inc. recently sold a three-story office building in Andover for $3.9 million, a significant decrease from its purchase price just two years ago. According to the Boston Business Journal, the property at 138 River Road was acquired by a limited liability company connected to executives from Energy North Group, based in Lawrence.
The sale marks Alexandria’s strategic move to divest assets and raise capital after facing losses on previous acquisitions in South Boston and Newton. The company had originally purchased the building for $14.3 million as part of a larger acquisition deal in January 2022 during high demand for life sciences real estate.
Despite this sale, Alexandria still holds other properties acquired through the same deal made in 2022.The current assessed value of the River Road property is $10.5 million.
This recent transaction highlights changes within Andover’s commercial real estate market and demonstrates Alexandria’s proactive approach towards optimizing their portfolio.
