CBRE/New England Arranges Sale of RI MOB
Built in 1976, the 20,694-square-foot medical office building was renovated in 2016 and is currently 80 percent occupied.
By Alex Ciorogar
1635 Mineral Spring Avenue
CBRE/New England has arranged the sale of 1635 Mineral Spring Avenue, a Class B medical office building in North Providence, R. I., on behalf of 1635 Mineral Spring Avenue LLC. Arkland LLC bought the two-story property for $1.8 million.
According to the company, the 20,694-square-foot property is 80 percent leased. Spreading across a 2-acre site, the recently renovated asset was built in 1976. Common-area amenities include:
- 82 parking spaces
- one Otis elevator
- pylon signage
CBRE/New England Vice President John Cregan represented the seller and procured the buyer. Bank of America Financial Center, DaVita North Providence Renal Center, Mineral Spring Primary Care, Unicorn Ink, Shore’s Fresh Food Market, AutoZone, Midas, The Vitamin Shoppe and Wellnorth Medical are all located nearby. The property also offers easy access to Lexington Avenue, Douglas Avenue, Old Louisquisset Pike and Ruta de Rhode Island 146.
In a recent deal, CBRE/New England secured acquisition financing for the purchase of two distribution and warehouse properties located in an Economic Revitalization Zone in Merrimack, N.H.
Photo courtesy of CBRE/New England
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