Ciminelli Real Estate adds to Massachusetts real estate portfolio

Fri, Jan 28th 2022 07:00am

James Fink
Business First of Buffalo

Ciminelli Real Estate Corp. has added another property to its Massachusetts portfolio.

Buffalo-based Ciminelli acquired an office complex at 181 and 187 Ballardvale St. in Wilmington, Mass., outside of Boston, in a joint venture with Gordon Brothers, a Boston-based real estate investment firm.

The companies paid $33.75 million for the complex, which has 210,945-square-feet of office space and 15.38 acres of land.

Ciminelli now has more than 500,000-square-feet of office space in the Boston market, said Ryan Zebro, Vice President of Investments.

“This acquisition provides us and our partners with an excellent opportunity to convert office properties into research and development space,” Zebro said.