Image courtesy of Newmark

A 70,000-square-foot medical office complex in Andover has been sold to a Chicago-based private health care real estate investor for $55.2 million.

Privately-held Remedy Medical Properties Inc. was spun off from MB Real Estate Services in 2020. Andover Medical Center contains a medical office building, 102-space parking garage and freestanding coffee shop, all completed between 2015 and 2017.

The property is anchored by tenants affiliated with Lawrence General Hospital and Pentucket Medical.

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley, Director Blake McLaughlin and Associate Allie Percoco of the firm’s Boston Capital Markets Group represented the seller and procured the buyer. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support.

“Andover Medical Center is a great example of today’s new and improved outpatient healthcare delivery – a state-of-the-art facility offering patients convenience and access to top-quality care close to home, all while expanding clinical synergies for its tenants,” Greeley said in a statement.

According to Newmark research, 1.1 million people with an average household income of $128,300 live within 15 miles of the property.