Grant Mill in Federal Hill sold for $13.4M

THE GRANT Mill in Federal Hill was sold for $13.4 million to Lowell, Mass.-based Heritage Properties by Brady Sullivan Rhode Island Properties LLC. Pictured is Jeffrey Brooks, a former owner, who sold it to Brady Sullivan and Starr Development for $2.4 million in 2007. / PBN FILE PHOTO / FRANK MULLIN
THE GRANT Mill in Federal Hill was sold for $13.4 million to Lowell, Mass.-based Heritage Properties by Brady Sullivan Rhode Island Properties LLC. Pictured is Jeffrey Brooks, a former owner, who sold it to Brady Sullivan and Starr Development for $2.4 million in 2007. / PBN FILE PHOTO / FRANK MULLIN

PROVIDENCE — The 85-unit Grant Mill in the Federal Hill neighborhood of Providence has been sold to a Massachusetts-based real estate investment company that is extending its reach into Rhode Island, according to broker CB Richard Ellis New England.

The former textile mill, converted in 2009 to apartments, sold for $13.4 million on Jan. 23, according to the Providence Assessor’s Office.

The seller, Brady Sullivan Rhode Island Properties LLC, sold the renovated mill to Lowell, Mass.-based Heritage Properties, a real estate development and management company.

Grant Mill, which was previously known as Carpenter Mills, was uninhabited and run down when it was purchased in 2006 by Jeffery Brooks, principal of the Boston-based The Brooks Co. He then sold the property to Manchester, N.H.-based Brady Sullivan Properties and Massachusetts-based Starr Development for $2.4 million in October 2007.

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The buyers completed the conversion of the mill to residential apartments in 2009.

The mill at 299 Carpenter St. covers 107,000 square feet. It is included in the Broadway-Armory Historic District and was added to the National Register of Historic Places in May 1974.

It was built in 1890 and was one of 22 mills operated in Massachusetts and Rhode Island by the B.B. & R. Knight cotton manufacturers, who created the Fruit of the Loom brand.

Brady Sullivan, according to its website, continues to own six other renovated mills in Rhode Island. They are the American Wire loft apartments in Pawtucket, Harris Mill Lofts in Coventry, Slater Cotton Mill in Pawtucket, Lofts at Anthony Mill in Coventry, Lofts at Pocasset Mill in Johnston and U.S. Rubber Lofts in Providence.

Heritage Properties owns and manages several apartment buildings in the greater Lowell area, according to its website.

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