Gordon Brothers and Ciminelli JV buys Greater Boston research & development building

Gordon Brothers, in a joint venture with Ciminelli Real Estate Corporation, has acquired a 93,500-square-foot research and development building on 7.4 acres in Andover, Mass., for $19.8 million.

The property is located at 3 Riverside Drive, adjacent to 6 Riverside Drive, a 78,000-square-foot office building the joint venture acquired from the same owner in November 2021.

This acquisition expands Gordon Brothers’ research and development portfolio in the I-93 North market and its partnership with Ciminelli Real Estate Corporation, a full-service commercial real estate firm.

“Rising demand in life sciences continues to expand beyond Cambridge and Somerville, putting supply-side pressure and increasing demand on research and development space in the I-93 North market,” said Alyssa Coughlin, director, real estate at Gordon Brothers. “This acquisition presents an exciting opportunity for our joint venture to continue working together to meet that demand.”