Paolino purchases Cherry & Webb building in downtown Providence
THE FIVE-STORY former Cherry & Webb department store building on Westminster Street in downtown Providence has been purchased by Paolino Properties for about $2.3 million, following the firm's acquisition in January of three Financial District properties.
PROVIDENCE – Paolino Properties has acquired the former Cherry & Webb department store building at 275 Westminster St. downtown, the Providence real estate firm announced Thursday.
The purchase price was “approximately” $2.3 million, Paolino Properties said in a news release.
The five-story brick building, built in 1900, has an assessed value of $2.8 million, according to the city assessor’s database. It lists just over 40,000 square feet of space not including the basement.
The seller was Belvoir Properties, led by James Winoker, according to the Paolino release.
Current tenants in the Cherry & Webb building include WLWC TV, the Rhode Island Disability Law Center, the Church of Jesus Christ of Latter-day Saints, and Broadview Networks Inc.
“We are excited about the acquisition of this building and happy to continue expansion of our properties along Westminster Street,” said Paolino Properties Managing Partner Joseph R. Paolino Jr. “The Cherry & Webb building has long been a part of Rhode Island’s collective memory, many have visited and shopped there over the years.”
The building includes one entrance to the Tri-Store Bridge, an elevated passageway that used to connect shoppers between the Cherry & Webb, Shepard and Gladdings department stores.