Andover Townsman, Andover, MA

News

March 6, 2014

Brickstone Square complexfor sale

Historic site expected to net $75M

Brickstone Square, an iconic, historic complex of three buildings near Shawsheen Square, is for sale.

The 1 million-square-foot office park, located on 53 acres of property just south of Interstate 495, went on the market last Wednesday and is expected to sell for around $75 million.

“Clearly, Brickstone Square is a very special property,” said Benjamin Sayles, director for HFF, the Boston real estate firm marketing the property. “A new owner is going to share that same vision for the property and seek to physically improve the asset as well as increase the occupancy and bring more businesses and jobs to Andover.”

The property is currently owned by Pearlmark Real Estate Partners of Chicago, a private-equity investment firm that bought the $78 million mortgage on the site in 2006.

For years before that, the property was owned by Martin Spagat, who was instrumental in turning the 90-year-old mill and warehouse buildings into modern-day offices, according to Don Robb, a local historian who lives at 36 York St., immediately across from Brickstone Square.

Robb said the original structures were owned by the American Woolen Co., which built the three buildings, along with a power plant and a dye shop, in the early 1920s. Two of the buildings, which are five stories each, were known as Shawsheen Mills One and Two. The third building, which is 10 stories, was a warehouse.

Raw wool was brought to the site on the rail line that runs through the property, and turned into horse blankets, uniforms and other products for the military, Robb said. The plant flourished during World War I and again during World War II, becoming one of the prime suppliers of wool products to the allies fighting overseas.

The complex, which can be seen from I-495 as it rises over the trees, was part of Shawsheen Village — a development of homes and businesses created by American Woolen Co. founder and leader William Wood.

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