Brandt Bowden Of The Hanover Company Acquires Development Site In Andover For $2.5M

The property involved in the transaction is a development site located at 300 Minuteman Road in Andover, MA. The sale price for this asset was $2,500,000. The Hanover Company is planning a proposed residential project comprising 334 units and 515 parking spaces, exploring the possibility of utilizing a voluntary “friendly 40B” affordable housing pathway.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,500,000
• Buyer: Brandt Bowden - The Hanover Company
• Seller: John Grassi - Spear Street Capital
• Proposed Project: 334-unit residential project with 515 parking spaces

Brandt Bowden represents The Hanover Company in this transaction, while John Grassi represents Spear Street Capital. The successful negotiation highlights the growing interest in developing residential offerings in the area.