Brady Sullivan Reaps More Than $8M in Sale

ROCHESTER, NH-Continuing to restock its commercial real estate holdings after harvesting a $516-million slice last summer, Equity Industrial Partners has acquired a two-building development here in southern New Hampshire. Equity paid Brady Sullivan Properties $8.4 million for 132 Milton Rd., a 35-acre complex which features 210,000 sf of class A industrial.

“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.