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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.

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.

Founded in 1992, Brady Sullivan Properties has emerged as one of New Hampshire’s leading real estate companies. Based in Manchester, the firm owns more than three million sf of industrial, office, residential and retail space in top New Hampshire markets. Equity Industrial Partners is also a leading regional player, especially for industrial and warehouse assets. The $516-million portfolio sale last year was among the nation’s largest industrial packages to trade, with assets throughout the country. In the months since, Equity has embarked on another buying spree, also with a national scope. Several of the purchases have been in New England, however, with the firm buying one warehouse in Amesbury, MA, and another in Brockton, MA. The latter building at 560 Oak St. traded for $7.8 million, as noted by GlobeSt.com in its Dec. 10 edition.

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