Optimum Asset Management has added a 112,148sqft asset in Massachusetts to its US research and development (R&D) real estate portfolio.
The real estate investment fund manager said it has acquired 150 Minuteman Road in Andover, which has been leased to medical technology company Smith+Nephew since its construction in 2002. Financial details were not disclosed.
Matthew Barry, CEO of Optimum Asset Management, said: “We are excited to add 150 Minuteman Road to Optimum’s greater Boston portfolio in alignment with our strategy of acquiring best-in-class R&D facilities with durable in-place cash flow. This acquisition reflects our confidence and our long-term conviction in R&D real estate as a resilient, income-driven asset class.
“Backed by our vertically integrated platform and sector expertise, we remain committed to creating long-term value through the acquisition of mission-critical assets in key innovation hubs.”
Ryan Blackmon, executive director at Optimum Asset Management S.A, expressed his appreciation to Newmark, BGO, Cornerstone Bank, Cedar Peak Capital and all the parties who contributed to the execution of the deal.
“As always, the Newmark team was a pleasure to work with, and we look forward to building a long-term relationship with a trusted lender in Cornerstone Bank.”
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