RI Industrial Asset Changes Hands
- May 31, 2017
CBRE/New England negotiated the sale of a 67,200-square-foot industrial facility located in Providence, R.I. Legacy Real Estate Ventures teamed up with ProPartners in Parking, an affiliate of LAZ Parking and purchased 300 Niantic Ave. from Connecticut-based ECP Niantic LLC for $4.2 million.
Alden Anderson, senior vice president, and Tom Barry, vice president of CBRE/NE, represented the seller and procured the buyer. The new owner benefited from an acquisition loan provided by Ameritas and secured by Ed Riekstins, managing director of NorthMarq Capital.
Located on a 3-acre site in the Huntington Industrial Park, 300 Niantic Ave. is less than 2 miles from Interstate 95 and offers immediate access to State Route 10. Downtown Providence is 10 minutes away and TF Green Airport approximately 15 minutes away. The single-story asset was built in 1969 for warehouse and manufacturing uses. The building is completely air-conditioned, features more than 200 parking spaces and can be converted into a call center or backroom office location.
KBR, an affiliate of ProPartners in Parking, will provide property management services. The asset is currently home to a variety of tenants, including Calise Bakery, J. Polep, Rhode Island PBS and S.G. Torrice Co.
Legacy Real Estate Ventures was founded in 2009 and owns a portfolio of medical, office and industrial buildings throughout Massachusetts, Rhode Island and Pennsylvania. The transaction represents the first collaboration with ProPartners in Parking, which is a leader in the acquisition of parking assets.
“This purchase represents a great fundamental real estate buy, with secure long-term leases in place, that will provide a strong yield at a low basis,” said Michael Price, principal at Legacy Real Estate Ventures, in a prepared statement.
Image courtesy of CBRE/New England