Praedium, which specializes in underperforming properties, purchased the flex office complex in July 1998. After acquiring the site for $5.8 million, Praedium set about repositioning it. The past three years were used to improve the rent roll and increase the cash flow of the complex, which consists of Trade Centers I & II.
Praedium has seen its efforts pay off, as the property has been sold for $7.3 million to a Portland, OR-based partnership of VTE Trade Center LLC and KCI Trade Center LLC. "The sale of Trade Centers I and II represents a textbook example of how Praedium's proactive real estate management can help increase cash flow and produce a profit on resale," says Christopher F. Hughes, a Praedium principal.
Formed in 1991, New York-based Praedium has more than $2 billion in total investments to date. The firm focuses on middle-market assets, worth generally less than $75 million in total cost.
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