ANDOVER, MA — Newmark announced the sale and financing arrangement for 23 Frontage Road, a 64,200-square-foot flex/R&D building located just 25 miles north of Boston in Andover, Massachusetts.
The property was acquired by Rhino Capital Advisors LLC, in a transaction that highlights renewed investor interest in repositioning opportunities across Greater Boston’s suburban commercial real estate market.
The two-story building, situated on 4.3 acres and directly adjacent to Interstate 93, is currently fully leased on a short-term basis to a security technology company. Its strategic location, just three miles from I-495, places it within one of the region’s most active employment clusters for medical, life sciences, and technology manufacturing.
Newmark’s Capital Markets team—led by Co-Head of U.S. Capital Markets Robert Griffin and Boston-based Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell, and Associate Director William Sleeper—represented the seller and sourced Rhino Capital Advisors as the buyer.
“23 Frontage Road offers an exceptional re-leasing opportunity in Boston’s northern suburbs,” said William Sleeper. “The surrounding area is the region’s most desirable cluster for employers in the medical, life science and technology manufacturing segments, given its access to labor pools across both northern Massachusetts and southern New Hampshire.”
On the financing side, Newmark’s Boston Debt & Structured Finance group—led by Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr., and Associate Directors Bobby Alvarado and Conor Reenstierna—secured acquisition financing on behalf of the buyer. Financial analysts Grady Zink and Harrison Zucco also supported the transaction.
According to research from Newmark, Greater Boston’s capital markets are showing early signs of recovery, with a noticeable uptick in owner-user deals and lender-facilitated transactions. As market fundamentals stabilize and pricing adjusts, suburban assets with repositioning potential—especially those along major highways—are gaining traction with investors.
The transaction at 23 Frontage Road underscores this trend, positioning Rhino Capital Advisors to capitalize on the property’s flexible layout, high visibility, and proximity to key regional transportation corridors.
