"These buildings are a classic example of Brady Sullivan'svalue-added approach to redevelopment," says principal CharlesPanasis. "As a company, we target the acquisition of mostly vacantsurplus corporate properties, take on the lease-up risk andretrofit the buildings to meet today's space user needs." Thepark's tenants include Irving Oil, Northeast Non-Wovens and StoneWall Kitchens, solid firms that provide a measure of stability forthe new ownership, according to broker Thomas Farrelly of Cushman& Wakefield.

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

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