Praedium, Essex River unload office portfolio
Assets located in Northeastern U.S.
By Inman News, Monday, September 12, 2005.A joint venture between New York City-based The Praedium Group LLC and Boston-based Essex River Ventures has sold Manor Parkway Business Park, a three-building portfolio of office/flex buildings in Salem, N.H.
The value of the transaction was approximately $8.2 million.
The project is located at 10 Manor Parkway, 12A Manor Parkway and 12B Manor Parkway. The buildings were sold to Portsmouth, N.H.-based investor, the Sarnia Group.
Built from 1981-1983, Salem Parkway consists of three single-story buildings comprising 121,500 square feet. The property was purchased in May 2003. Praedium and Essex River completed significant capital improvements, including roof and HVAC replacements.
At the time of sale, the property was 90 percent occupied, according to Chris Hughes, a principal at Praedium.
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