2 Office Buildings On Ballardvale Street Sell For $33.75 Million, Will Be Converted Into Research & Development Space

Below is a press release from Gordon Brothers:

WILMINGTON, MA — Gordon Brothers, the global advisory, restructuring and investment firm, has acquired a two-building portfolio in Wilmington, Massachusetts for $33.75 million as part of a joint venture with Ciminelli Real Estate Corporation.

Located at 181 and 187 Ballardvale Street, the office properties sit on 15.38 acres and total approximately 210,945 square feet that will be converted into research and development space.

This acquisition expands Gordon Brothers real estate investment platform as well as the firms growing partnership with Ciminelli Real Estate, a Buffalo-based full-service commercial real estate firm. In November 2021, the firms entered their first joint venture and acquired 6 Riverside Drive, a value-add conversion to research and development in Andover, Massachusetts.

Ciminelli is a trusted partner and were thrilled to continue our relationship in Massachusetts with this value-add opportunity, said Alyssa Coughlin, Senior Manager, Real Estate at Gordon Brothers. Wilmington is a bustling research and development hub, and we look forward to executing on the conversion strategy within this market and beyond.

Gordon Brothers team of experts, flexibility and quick turnaround made them the perfect partner for us on this acquisition, said Ryan Zebro, Vice President of Investments at Ciminelli Real Estate. Together we can address the high demand and limited supply of R&D space in the I-93 market.

Gordon Brothers invests in compelling value-add opportunities including distressed, transitional and excess corporate real estate. The firm offers various equity strategies including asset acquisitions, joint venture equity investments and sale leasebacks. Gordon Brothers purchases existing notes and offer various debt strategies to owners including senior loans, bridge loans and mezzanine financing.

In addition to its real estate investment platform, Gordon Brothers offers a variety of real estate services such as lease restructuring and termination, lease renewals, site selection, in-house real estate department augmentation, portfolio reviews and the sale of real estate.

About Gordon Brothers

Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with over 30 offices across five continents.

About Ciminelli Real Estate Corporation

Headquartered in Buffalo, New York, Ciminelli Real Estate Corporation (www.ciminelli.com) specializes in providing commercial real estate services including development, facilities management, investments, residential management, asset management, tenant representation, real estate consulting, and brokerage services to over 350 international, national, and local clients in New York, Florida, Massachusetts, and Pennsylvania.

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