**Fully Leased Andover Flex Building Sold, Positioned as “Exceptional Re-Leasing Opportunity”**
Newmark has arranged the sale of 23 Frontage Road, a two-story, 64,200-square-foot flex/R&D building located in Andover, Massachusetts, approximately 25 miles north of Boston. While the sale price remains undisclosed, the transaction was facilitated by a Newmark Capital Markets team including Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, and William Sleeper, who represented the seller and procured the buyer, Rhino Capital Advisors LLC.
Acquisition financing for the property was secured by Newmark’s Boston Debt & Structured Finance group, led by David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado, and Conor Reenstierna.
“23 Frontage Road offers an exceptional re-leasing opportunity in Boston’s northern suburbs,” commented William Sleeper. “The surrounding area is one of the region’s most sought-after locations for employers in the medical, life sciences, and technology manufacturing sectors, thanks to strong access to skilled labor pools throughout northern Massachusetts and southern New Hampshire.”
The property is currently 100% leased on a short-term basis to a security technology company, providing the new ownership with an immediate opportunity to reposition the asset in a high-demand market segment.
