"These buildings are a classic example of Brady Sullivan's value-added approach to redevelopment," says principal Charles Panasis. "As a company, we target the acquisition of mostly vacant surplus corporate properties, take on the lease-up risk and retrofit the buildings to meet today's space user needs." The park's tenants include Irving Oil, Northeast Non-Wovens and Stone Wall Kitchens, solid firms that provide a measure of stability for the new ownership, according to broker Thomas Farrelly of Cushman & Wakefield.

"In spite of the capital market fluctuations and softening economy, this offering got the attention of many local, regional and national players," says Farrelly, a C&W executive director who negotiated the transaction with C&W director Denis Dancoes and Associate Sue Ann Johnson. The team represented the seller and procured 132 Milton Rd.'s buyer.

Not only is the asset institutional grade quality, Farrelly says the proximity to Portsmouth, NH, about 10 minutes south and the larger seacoast market "was a major driver" in attracting prospects to 132 Milton Rd. Once fueled by Pease Air Force Base, the seacoast area's economy today is reliant on a new breed of private businesses enthused by surging demographics, with Rochester seen as "a natural extension" of the area's industrial footprint. The Milton Road property is poised to take advantage of that growth, says Farrelly, being located just off Exit 16 of the Spaulding Turnpike.