National real estate investment firm The Praedium Group has forged a joint venture acquisition with Boston-based Griffith Properties LLC to buy an office property on 16 acres of land in Wilmington, Mass., for $19.25 million. The property is being redeveloped to accommodate large users of office and R&D space.

Called 200 Ballardvale Street, the property is 100% occupied by the seller, Belgium-based Agfa Gevaert. It also includes a 37.6 acre development parcel.

"Praedium and Griffith plan a major renovation and upgrade of this property. With Agfa continuing on as a long-term tenant for a portion of the space, we’re in a great position to execute new leases as improvements are made to the rest of the property," says Philip Tager, director of Praedium’s acquisition group.