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CIM Group Buys Andover Industrial Property for $26M

Jan 29, 2020 | Reprints | Print

A 127,400-square-foot flex and manufacturing building in Andover has been acquired for $26 million by CIM Group.

The building at 6 Technology Drive is fully occupied by Dräger Medical Systems as its North American headquarters and one of its seven global development sites.

Newmark Knight Frank’s capital markets team represented seller Novaya Real Estate Ventures and Wheelock Street Capital.

The property is located the three-building Andover Tech Center complex.

“6 Technology Drive has served as a mission-critical facility for Dräger Medical Systems for nearly 15 years. The tenant is currently undertaking a full modernization of the property including office, common area, amenity, exterior/entryway and base building upgrades,” NKF Executive Managing Director Matthew Pullen said in a statement.

The property previously sold in March 2016 for $10.8 million, according to Essex County Registry of Deeds records.

B&T Daily