Boston — Newmark Knight Frank (NKF) announced the completion of the $3.5 million sale of 111 Plain Street in Providence, Rhode Island on behalf of Legacy Real Estate Ventures to Eastie Realty, LLC.
Associates Joseph Alvarado, George Demoulas and Casey Valente of NKF’s Boston-based Private Capital Group oversaw the sale of the medical office building. NKF’s Boston-based Private Capital Group is led by Co-Head of U.S. Capital Markets Robert Griffin and Managing Director Michael Greeley, who is also part of NKF’s Boston-based Medical-Academic Practice Group.
Totaling 13,818 square feet, 111 Plain Street is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System. The mission-critical facility features a state-of-the-art clinical buildout and is strategically located on the hospital’s campus.
“111 Plain Street is a highly desirable, on-campus medical office building and a great fit for the buyer’s 1031 requirement. The seller owned the property for the past 11 years, meeting the hospital’s expansion needs and coordinating all aspects of property management through its affiliate, Eastport Real Estate Services, and delivered a win-win for tenant and landlord in the form of a long-term, triple-net lease,” said Greeley. “We are proud of NKF’s integrated approach on this deal, another joint effort between our Private Capital Group, which specializes in middle-market transactions across all asset types, and our Medical-Academic Practice Group, which has a long advisory history with the property.”
111 Plain Street is surrounded by Providence’s thriving medical-academic cluster with adjacency to major healthcare organizations including Rhode Island Hospital, Hasbro Children’s Hospital and Women & Infants Hospital and the Brown University medical campus. The asset also benefits from immediate access to Interstates 95 and 195, the region’s two primary highways.
Based in Boston, Legacy Real Estate Ventures has built a portfolio of medical, office and flex/warehouse properties in the Boston, Providence and Philadelphia markets over the past 12 years.