Value of commercial real estate sales grows 37%

PROVIDENCE – The value of Rhode Island commercial properties sold in 2015 increased 37.3 percent to $379 million, according to an annual report compiled by Capstone Properties.

The increase was driven by large-asset sales, including the Royal Mills apartments in West Warwick, which sold for $31.7 million, and the interior sections of the Rhode Island Mall, which sold for $9.5 million.

Sales of apartment buildings, in particular, showed strength in 2015, with the number of closed units remaining flat, while the price-per-unit sold grew to $110,000, an increase from $82,000 the prior year, according to Capstone.

Overall, 266 commercial real estate transactions closed in 2015, an increase of 6.8 percent. The total sales volume of $379 million was an increase from $276 million in 2014. •

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