Gordon Brothers Acquires Research & Development Building for $24.5M in Joint Venture with Ciminelli Real Estate Corporation

Boston, Massachusetts, UNITED STATES


Boston, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory, restructuring and investment firm, has acquired a 98,157-square-foot research and development building for $24.5 million in a joint venture with Ciminelli Real Estate Corporation.

The 7.11-acre property at 2 Edgewater Drive in Norwood, Massachusetts features office and lab space, in addition to research and development.

“Demand for research and development space in the Greater Boston area is at an all-time high,” said Alyssa Coughlin, Director, Real Estate at Gordon Brothers. “This latest acquisition furthers our shared commitment to investing in the growing suburban markets to meet this demand.”

“Our ongoing partnership with Gordon Brothers has allowed us to expand our research and development portfolio at a time of tremendous growth in the market,” said Ryan Zebro, Vice President of Investments at Ciminelli Real Estate Corporation. “We look forward to identifying additional opportunities in Massachusetts as we continue our work together.”   

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 offers various debt strategies to owners as well, including senior loans, bridge loans and secondary 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, management teams, 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, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm 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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