CBRE Negotiates $4.2M Sale of Industrial Property in Providence

PROVIDENCE, R.I. — CBRE has negotiated the $4.2 million sale of 300 Niantic Ave., a 67,200-square-foot, single-story industrial building in Providence. ECP Niantic sold the property to Legacy Real Estate Ventures in a joint venture with ProPartners in Parking. CBRE’s Alden Anderson and Tom Barry represented the seller and procured the buyer in the transaction. Legacy Real Estate Ventures owns a portfolio of office, medical and industrial buildings in Massachusetts, Rhode Island and Pennsylvania. This is the company’s first collaboration with ProPartners in Parking, which acquires parking assets and other real estate properties on behalf of itself and its investment partners. Ed Riekstins of NorthMarq arranged financing for the property, which was provided by Ameritas. KBR, an affiliate of ProPartners in Parking, will provide property management services. 300 Niantic Avenue is located in Huntington Industrial Park and tenants include Calise Bakery, J. Polep, Rhode Island PBS and S.G. Torrice Co.