Binswanger Arranges Sale of R.I. Industrial Facility
- Nov 15, 2012
On behalf of Shamrock Associates L.L.C., Binswanger, of Philadelphia, has brokered the sale of a single-story, 170,000-square-foot manufacturing building on 94 acres on Chase Hill Road in Ashaway, R.I., Binswanger announced late last week.
The sale closed in late October, according to Tim O’Callaghan, senior vice president in Binswanger’s Natick, Mass., office, who handled the transaction.
The buyer, Chase Hill Road Properties L.L.C., was formed on Sept. 21, according to the Providence Business News. The company is based in New York City, O’Callaghan told Commercial Property Executive, though he was unable to disclose further information.
The building features concrete floors; combination masonry block and insulated metal panel walls, ceiling heights to 26′ clear, columns spaced 20 by 25 feet and 40 by 50 feet, a 100 percent wet sprinkler system, about 10,000 square feet of office space, nine 9- by 10-foot dock-high loading doors, one 10- by 16-foot ground-level door, and one 1,000-pound capacity crane. About 80,000 square feet of the space is pre-racked, O’Callaghan said.
Ashaway is near the Connecticut–Rhode Island border, thus well away from either the Providence or New London markets. O’Callaghan pointed out, however, that the site is only about three miles off of I-95.
The building, O’Callaghan told CPE, was built in 1960 and then expanded in 1980. It was purchased by Garrity Industries around 2000 and used for flashlight packaging and distribution, but was vacated after Garrity was purchased by Duracell in 2006.
The buyer, O’Callaghan said, is aiming for flexibility and below-market rents in its plans for the building. Chase Hill Properties intends to gut out all of the existing office space, he said, and is considering a multi-tenant approach for the building, possibly dividing it roughly in half between the older and newer portions.