Andover, MA — September 13, 2021 — SVN | Parsons Commercial Group | Boston has completed the sale of a 60,000 square foot industrial building on 4.71 acres at 7 Connector Road in Andover, Massachusetts for $10,350,000.
Senior Advisor, Alex Berger, and Assistant Managing Director of Brokerage, Matt Quinlan, both of SVN | Parsons Commercial Group | Boston represented the seller, Stickamayka Group, LLC and procured the buyer, a Joint Venture between Boston-based Oliver Street Capital and Bain Capital Real Estate.
7 Connector Road is ideally located within the established 93 North Industrial Market in Andover, MA. The property is situated immediately off Interstate 93 and centrally located between Interstate 95 and Interstate 495, offering easy access to all of Greater Boston and New Hampshire.
The building contains eight loading docks with one ramped drive-in and features 18’ – 24’ ceilings. The building will be available for lease in August 2022 for the first time in over 20 years.
“Oliver Street Capital and Bain Capital Real Estate were the perfect buyer for this asset as they continue to aggressively acquire buildings in Greater Boston. 7 Connector will be a great addition to their portfolio,” Berger said.
About Oliver Street Capital
Oliver Street Capital is a value based real estate investment manager focused on acquiring and managing high quality industrial real estate investments. With 30 years of commercial real estate experience, the firm has represented over $2.1 billion in total transactions. The Oliver Street team currently owns and operates more than 3.7 million square feet of industrial properties in Greater Boston.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed $5.2 billion of equity in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About SVN | Parsons Commercial Group | Boston
SVN | Parsons Commercial Group | Boston is an independently owned and operated SVN® office located in Framingham, MA. The SVN® brand is a globally recognized commercial real estate entity united by a shared vision of creating value for clients, colleagues and communities. Currently, SVN comprises over 1,600 advisors and staff working in more than 200 offices across the globe. SVN’s brand pillars represent the transparency, innovation and inclusivity that enable all our advisors to collaborate effectively with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN Advisors create outsize value for all stakeholders. For more information, visit www.svn.com.
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