Building in Pawtucket’s Narragansett Business Park sells for $6.7M

THE COMMERCIAL PROPERTY AT 670-710 Narragansett Park Drive in Pawtucket was sold for $6.7 million to Legacy Gansett LLC. / COURTESY CBRE
THE COMMERCIAL PROPERTY AT 670-710 Narragansett Park Drive in Pawtucket was sold for $6.7 million to Legacy Gansett LLC. / COURTESY CBRE

PAWTUCKET – The property at 670-710 Narragansett Park Drive, located in the Narragansett Business Park, was sold for $6.7 million to Legacy Gansett LLC, according to property records.

The company is owned by Waltham, Mass.-based Legacy Real Estate Ventures, according to CBRE Group Inc., which represented the seller, Marshall Narragansett Park LLC, a subsidiary of Marshall Properties Inc., and procured Legacy as the buyer. CBRE announced the completion of the sale Tuesday. The deal closed on Dec. 7, according to records.

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“This property fits well into our portfolio, and we appreciate CBRE bringing us this second building in the Providence market,” stated Legacy Principal Michael L. Price.

The property is a nearly 65,000-square-foot multi-unit flex building that has more than 95 percent occupancy. The building’s occupants include Cintas Corp., Granite City Electrical Supply Co., Johnston Controls International PLC, Rhode Island PBS, Shred-It, Sprint Corp. and Marshall Properties.

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The building was built in 1975 and was assessed at $3.8 million in 2018.

The deal, a sale-leaseback, was brokered by CBRE/New England’s Senior Vice President and Partner Alden Anderson Jr. and Vice President Dan Cregan.

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