Foundry Associates Buys Historic Office Complex for $19M
In a $19 million deal, Foundry Associates, L.P. has purchased the five-building American Locomotive Works office park along the Woonasquatucket River in downtown Providence.
According to the New England Real Estate Journal, the Washington Trust Co. and Rockland Savings Bank provided funding for the transaction. The law firm of Hinckley, Allen and Snyder, L.L.P. represented the buyer.
Located on 11.8 acres in the city’s Promenade District, the 200,000-square-foot commercial property dates back to 1901, when it was built as a locomotive factory. Between 2006 and 2009, the complex was redeveloped into offices.
The LEED-certified buildings are currently 70 percent leased to tenants that include United Natural Foods, Inc., the nation’s largest wholesale distributor of natural foods; Pannone, Lopes, Devereaux and West, L.L.C.; the Rhode Island Economic Development Corp.; Fuss & O’Neill; New Horizons Learning Centers; The American Restaurant; The Guatemalan Consulate and High Output, Inc.
Onsite parking, a kayak launch, a river walk, public green spaces and a full-service restaurant are among the property’s amenities.
Based in Providence, Foundry Associates has also redeveloped the district’s 1 million-square-foot historic Brown & Sharpe Manufacturing Co. into office and residential space.
Photo: www.cbre.usTags: Acquisitions/Dispositions, American Locomotive Works, Brokers, CBRE New England, Commercial, Developers, Development, Finance/Investment, Financiers, Foundry Associates, Green, Hinckley Allen and Snyder LLP, Investors, leasing, Local, Managers, Office, Owners, Peregrine Property Management, Professional, property management, Providence Lead Story, Providence office, Rockland Savings Bank, Washington Trust