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MANSFIELD, MA-The Praedium Group LLC, a New York-based national real estate investment firm, and Andover, MA-based Essex River Ventures LLC purchased Great Woods Office Park in a joint venture acquisition for $5.4 million or $94 per sf.

The park, which was built in 1981 and expanded in 1986, is located at 792 and 800 South Main St. It is comprised of two office buildings, one two-story and the other a three-story structure, totaling 58,000 sf. The deal also includes a development site on an adjacent parcel that could support a 28,880 sf three-story office building. Darryl Asack with Spaulding & Slye represented the seller, Sebonic Partners.

Philip Tager, Praedium’s director of acquisitions for the Northeast region, notes that the appeal of this asset lay in the fact that the property has a high occupancy, “particularly,” he notes, “in comparison to the overall market.” He adds that the property is “relatively unique to the I-495 South market in that it offers small office spaces in a quality property with an excellent location at I-495 near I-95. This is a hub location for those requiring access to the Boston-Providence corridor and to the rest of New England.”

John Fenton, president of Essex River Ventures, points out that this is his firm’s second venture with Praedium in less than six months. Earlier this year the firms jointly purchased Manor Parkway, a three-building office/flex property in Salem, NH. “Our ability to identify and manage value-added real estate is synergistic with Praedium’s overall investment strategy. We will continue to target attractive value and income oriented investments. We hope to be able to add some larger properties with these characteristics to our portfolio,” he says.

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