{"id":1004178894,"date":"2017-05-31T02:48:30","date_gmt":"2017-05-31T10:48:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004178894"},"modified":"2025-02-19T02:52:44","modified_gmt":"2025-02-19T10:52:44","slug":"ri-industrial-asset-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ri-industrial-asset-changes-hands\/","title":{"rendered":"RI Industrial Asset Changes Hands"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004178896\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004178896\" data-attachment-id=\"1004178896\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ri-industrial-asset-changes-hands\/300-niantic-avenue-providence-r-i\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png\" data-orig-size=\"608,436\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"300 Niantic Avenue, Providence, R.I.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png?w=608\" loading=\"lazy\" class=\"wp-image-1004178896 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png\" alt=\"300 Niantic Avenue, Providence, R.I.\" width=\"300\" height=\"215\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png 608w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png?resize=300,215 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004178896\" class=\"wp-caption-text\">300 Niantic Ave., Providence, R.I.<\/p><\/div>\n<p>CBRE\/New England negotiated the sale of a 67,200-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/reebok-announces-new-rhode-island-manufacturing-facility\/\">industrial facility<\/a> 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u201c<em>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,<\/em>\u201d said Michael Price, principal at Legacy Real Estate Ventures, in a prepared statement.<\/p>\n<p><em>Image courtesy of CBRE\/New England<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legacy Real Estate Ventures, in a joint venture with ProPartners in Parking, acquired 300 Niantic Ave. in Providence. The $4.2 million transaction was negotiated by CBRE\/New England. <\/p>\n","protected":false},"author":1192,"featured_media":1004178896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,10],"tags":[35907,35906,35914,35909,35913,34291,35912],"class_list":["post-1004178894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-northeast","tag-ameritas","tag-cbrenew-england","tag-ecp-niantic-llc","tag-kbr","tag-legacy-real-estate-ventures","tag-northmarq-capital","tag-propartners-in-parking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RI Industrial Asset Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ri-industrial-asset-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RI Industrial Asset Changes Hands\" \/>\n<meta property=\"og:description\" content=\"Legacy Real Estate Ventures, in a joint venture with ProPartners in Parking, acquired 300 Niantic Ave. in Providence. The $4.2 million transaction was negotiated by CBRE\/New England.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ri-industrial-asset-changes-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-31T10:48:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T10:52:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/300-Niantic-Avenue-Providence-R.I..png\" \/>\n\t<meta property=\"og:image:width\" content=\"608\" \/>\n\t<meta property=\"og:image:height\" content=\"436\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/\"},\"author\":{\"name\":\"Mihaela Coste\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/84db22c1406ebbb161906ccf4f43d508\"},\"headline\":\"RI Industrial Asset Changes Hands\",\"datePublished\":\"2017-05-31T10:48:30+00:00\",\"dateModified\":\"2025-02-19T10:52:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/\"},\"wordCount\":295,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/05\\\/300-Niantic-Avenue-Providence-R.I..png\",\"keywords\":[\"Ameritas\",\"CBRE\\\/New England\",\"ECP Niantic LLC\",\"KBR\",\"Legacy Real Estate Ventures\",\"NorthMarq Capital\",\"ProPartners in Parking\"],\"articleSection\":[\"Deals\",\"Industrial\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ri-industrial-asset-changes-hands\\\/\",\"name\":\"RI Industrial Asset Changes Hands - 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