Ciminelli Real Estate Corporation, with headquarters in Buffalo, New York, has purchased a major office building in Andover.
6 Riverside is on a site of 8.6 acres and spans 78,000 square feet. The price of the acquisition was $12.4m.
Ciminelli is a full-service firm focused on real estate services with a commercial real estate portfolio of over 23 million square feet of real estate. It plans to convert the office space at 6 Riverside into research and development space, and create a unique double-stacked unit. Banner printing is often used at such sites to inform the community of plans for buildings.
The firm says this will enable the company to take advantage of the limited supply and demand for such space in the marketplace. In addition, this space will be attractive for commercial tenants given its location in the Interstate-93 North market and proximity to such businesses as Schneider Electric, Putnam, and Pfizer, which will contribute to its growth going forward.
Managing Director – Massachusetts Boston, Ryan Zebro, said that this purchase is the fifth building Ciminelli has purchased in the state and demonstrates the desire of the company to grow in the Boston market. The firm has over 350 clients across the world, with its main desitnations in the US being in New York, Pennsylvania, and Massachusetts.
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362 N. Main Street
Andover, MA 01810
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