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JV Acquires Two Suburban Offices for $19M

WILMINGTON, MA-The Praedium Group LLC and Griffith Properties LLC purchase the buildings and 16 acres of developable land at 200 Ballardvale St. in a joint-venture deal. Belgium-based Agfa-Gevaert sold the property for just under $19.3 million.

By Naomi Grossman | Updated on August 03, 2004

WILMINGTON, MA-The Praedium Group LLC, a New York City-based national real estate investment firm, and Boston-based Griffith Properties LLC purchased the buildings and 16 acres of developable land at 200 Ballardvale St. in a joint-venture deal. Belgium-based Agfa-Gevaert sold the property for nearly $19.3 million or $56 per sf.

The two offices–built in two phases in 1980 and 1984–total 344,863 sf. The three- and four-story office buildings are joined by a one-story connector and are 100% occupied by Agfa-Gevaert. The property also includes a 38-acre development parcel.

Philip Tager, a director in Praedium’s acquisition group, says that Praedium and Griffith plan a major renovation and upgrade of this property. “With Agfa continuing on as a long-term tenant for a portion of the space, we’re in a great position to execute new leases as improvements are made to the rest of the property,” he adds.

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