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: 鈥淲e are excited to add 150 Minuteman Road to Optimum鈥檚 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.
鈥淏acked 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.鈥�
Ryan Blackmon, executive director at Optimum Asset Management S.A, expressed his appreciation to Newmark, , Cornerstone Bank, Cedar Peak Capital and all the parties who contributed to the execution of the deal.
鈥淎s 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.鈥�
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