Joint venture buys Massachusetts office property

The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Boston-based Griffith Properties LLC to purchase the buildings and 16 acres of developable land located at 200 Ballardvale Street in Wilmington, Mass.

The transaction was valued at $19.3 million, or $56 per square foot.

Built in two phases in 1980 and 1984, the 344,863-square-foot, three- and four-story office buildings are joined by a one-story connector and are 100 percent occupied by the seller, Belgium-based Agfa-Gevaert. The property also includes a 37.6 acre development parcel.

Griffith Properties LLC was founded in 2002 by J. Brad Griffith. The company invests in enhanced core and value-added office and R&D assets in the markets between Boston and Washington, DC.

The Praedium Group is a real estate investor that focuses on under-performing and under-valued assets throughout North America.

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