111 Plain St. to remain offices

The new owner of 111 Plain St. in Providence told the Providence Business News last week that he intends to keep the building near Women & Infants Hospital as medical offices.
Legacy Real Estate Ventures of Waltham, Mass. purchased the 12,792-square-foot building for $3,321,000 after owner Corsetti Properties went into receivership. The building is fully occupied by the University Medical Foundation (affiliated with Brown University) and Rhode Island Hospital under long-term leases.
Legacy Principal Michael Price said last week he planned to keep the building as is.
“This acquisition represents a solid and secure investment, well located and stabilized, in the strongest sector of the commercial market,” Price said. “Legacy is fortunate to have had the opportunity to purchase this medical office asset.”
The acquisition of the 109-year-old building represents Legacy’s fifth purchase since its founding in 2008, and first property outside of Massachusetts. It is the second medical office building that Legacy has purchased. Cambridge Savings bank provided financing.