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Paradigm Buying 300,000 SF Suburban Building

DANVERS, MA-The private opportunity investment fund is expected to spend $17 million to buy and overhaul vacant industrial property into first-class office space.

By Joe Clements | Updated on August 02, 2000

Continuing its strategy of pursuing investments that appeal to multiple tenants, Paradigm Properties of Boston is buying a vacant manufacturing facility on Sylvan Street that it plans to turn into 300,000-sf of office space. Acquisition and renovation costs are projected in the $17 million range.

“It’s got some real character that we think will appeal to the market,” says Paradigm president Kevin McCall. The property was shuttered three years ago as part of a downsizing program by owner Osram Sylvania.

McCall would not discuss financials, but sources say the hulking brick building was being offered for $7.5 million. The broker, Greg Klemmer of Klemmer Associates in Winchester, declined to offer specifics until the property closes, but says he believes it will work well as an office. It was previously marketed for manufacturing and flex space, but Klemmer says the strong office market is pushing demand farther out into the North Shore.

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