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San Francisco Investors Continue Boston Expansion With Andover Office Building

Oct 29, 2018 | Reprints | Unlock Link

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Berkeley Partners has purchased an Andover office building, its second acquisition in the Greater Boston area.

The San Francisco-based investment firm closed on 25 Commerce Way, a 16.2-acre, Class B, multitenant industrial property totaling 168,735 square feet, for $14.8 million.

“We are pleased to complete our second acquisition in Greater Boston,” Berkeley Partners Principal Andrew Holmberg said in a statement. “This acquisition brings our market presence to approximately 300,000 square feet of functional multitenant industrial.”

Berkeley Partners previously acquired Draper Properties in Woburn, a multitenant industrial property totaling 123,017 square feet, earlier this year for $19 million.

The site was originally developed in 1975 and then redeveloped in stages in 2001 and 2006. The property has seven units and is 97 percent leased. The acquisition was marketed by Doug Jacoby, Scott Dragos, Daniel Hines, Tim Mulhall and Tony Hayes from Colliers International.

B&T Daily