{"id":1004077313,"date":"2013-06-17T06:14:31","date_gmt":"2013-06-17T14:14:31","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=139215"},"modified":"2025-02-19T02:56:06","modified_gmt":"2025-02-19T10:56:06","slug":"boston-investor-acquires-gateway-center-in-downtown-providence-for-13-2m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-investor-acquires-gateway-center-in-downtown-providence-for-13-2m\/","title":{"rendered":"Boston Investor Acquires Gateway Center in Downtown Providence for $13.2M"},"content":{"rendered":"

<\/p>\n

<\/p>\n

by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n

In a $13.2 million deal, Albany Road Real Estate Partners of Boston has purchased the four-story, 117,000-square-foot Gateway Center in Downtown Providence. According to the Providence Journal<\/a><\/em>,the transaction closed on May 23. Bank Rhode Island financed the acquisition with a $10-million, 10-year loan.<\/span><\/p>\n

Located at 15 Park Row West, the building is 86 percent leased, Albany Road partner Christopher J. Knisely told the newspaper. TIAA-CREF, Admirals Bank, software firm Andera, Precision Design, and the Big East athletic conference are among the property\u2019s tenants.<\/span><\/p>\n

The facility was developed by Gateway Eight in 1989. Construction was financed through $23 million in state bonds, which the state retirement system acquired. In 2004, the building\u2019s developer went bankrupt and the pension fund took control of the property. <\/span><\/p>\n

In 2006, a Connecticut developer acquired the building. Most recently, in 2009, U.S. Bank purchased the property at a foreclosure auction for $13 million.<\/span><\/p>\n

Earlier this year, Albany Road acquired a four-story office building in Warwick\u2019s MetroCenter office park for $13.6 million.<\/span><\/p>\n

In regional news, the Providence Business News<\/a><\/em> reports that Johnson & Wales University has sold its 86-room inn in Seekonk, Mass. for $1.65 million. The Sarchi Group acquired the property, which it has renamed the Hilltop Hotel & Conference Center.<\/p>\n

\u201cAs the university\u2019s first hotel internship property, the inn, purchased in the early 1980s, has played a significant role in JWU\u2019s history and has been an important venue to the local community,\u201d Michael Downing, the university\u2019s vice president of auxiliary services, said in a statement.<\/span><\/p>\n

As a condition of the sale, the Sarchi Group will honor all contracts, including pricing, for events scheduled at the Inn. The company owns and manages retail, mixed-use and apartment buildings as well as motels and hotels in Massachusetts and Connecticut.<\/span><\/p>\n

 <\/p>\n

\n","protected":false},"excerpt":{"rendered":"

In a $13.2 million deal, Albany Road Real Estate Partners of Boston has purchased the four-story 117,000-square-foot Gateway Center in downtown Providence. According to the Providence Journal, the transaction closed on May 23. 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