CBRE/New England Capital Markets Team Sells American Locomotive Works, Providence, RI for $19.05M
Tuesday, December 3, 2013
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CBRE/New England Capital Markets Team Sells
American Locomotive Works, Providence, RI for $19.05M
Class A mill office redevelopment sold
BOSTON (Dec. 3, 2013) — CBRE/New England’s Capital Markets team today announced the sale of American Locomotive Works (“ALCO”) located at 555 Valley Street in Providence, Rhode Island. The highly visible mill redevelopment project is located approximately 0.5 miles from the Interstate 95 on/off-ramp in the heart of Providence’s Promenade District.
American Locomotive HH LLC sold the asset to Foundry ALCO Members, LLC (“Foundry”) for $19,050,000. CBRE/New England’s Bill Moylan, Alden Anderson, Nick Herz and Gene Pride represented the seller and procured the buyer in the transaction.
“We are pleased to have facilitated this transaction on behalf of Greenline Investments LLC ,” noted CBRE/NE’s Moylan. “ALCO represented a unique opportunity for Foundry to acquire an approximately 200,000 SF, five-building mill office project that is substantially completed, but allows for the opportunity to add significant revenue with the additional leasing of currently available space.”
ALCO is a top-tier, five-building mill office redevelopment centrally located in downtown Providence’s Promenade District. The property is currently 70% leased with a varied mix of tenants, including law firms, engineering firms, the headquarters of United Natural Foods (NASDAQ: UNFI), and state government.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.