ANDOVER, MA–McLaughlin Investments brokered the off-market sale of Park Street Village Professional Center, located at 63 Park Street in Andover, MA for $4.75 million.
The 28,383-square foot mixed use medical-office complex is anchored by Beth Israel Deaconess Medical Center/APC and Dr. Karim Berty, MD, DMD.
The center is centrally located within Andover Downtown Business District, abutting the municipal parking lot and within proximity to numerous Regional Hospitals, Merrimack College Philips Academy, Andover Commuter Rail, Routes 93 and 495.
John McLaughlin facilitated the off-market acquisition on behalf of Park Street Offices, LLC, as Buyer Broker, and Springburn, Seller, was represented by Buck property management.
“Beth Israel Deaconess Medical Center/APC is the anchor tenant with expansion rights, as does Dr. Karim Berty, MD, DMD, Andover Oral Surgeon and Dental Specialist, who co-anchors the property along with other medical and professional tenants.
The Buyer intends to reposition asset and rebrand the complex into a mixed-use medical center by infusing $1,000,000 in CAPEX and TI improvements to attract long term medical tenants.