JOHNSTON – The Carpionato Group LLC, one of the largest property management and development companies in Rhode Island, has signed an agreement with Benny’s Inc. to purchase its real estate holdings.
An announcement late Tuesday indicated the principals of the companies had reached an agreement on a sale, although the terms were not disclosed. A closing is anticipated in the first quarter of 2018, according to a news release.
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Benny’s, which has 31 stores, is in the process of closing them. The sale of the real estate applies to holdings in Rhode Island, Connecticut and Massachusetts.
Carpionato, based in Johnston, managed 26 buildings in Rhode Island in 2016, for nearly 4 million square feet of space, according to PBN research. Its properties are home to tenants including Citizens Bank, Alex & Ani and Lowe’s.
In Attleboro and North Attleborough, the company recently oversaw a significant redevelopment of retail space along Route 1.
Benny’s announced in September that it would shutter its stores and sell its real estate, startling many Rhode Islanders who have frequented the iconic retailer.
In the announcement of the pending sale made Tuesday, Benny’s President Howard Bromberg said the company was pleased at the outcome. “We’re especially pleased to be able to sell these properties to a local real estate development and management company who understands the Benny’s legacy and is familiar with our locations.”
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
