EAST PROVIDENCE — Lifespan Corp. paid $14 million for a medical office building at 900 Warren Ave. that was owned by Coastal Medical Inc. The sale closed on April 26, the day before the two health care entities announced their affiliation. At the time, the terms of the asset sale were not disclosed.
The transaction between Coastal Care Realty LLC and Rhode Island Hospital and Lifespan Property Management involved a four-story structure and its 3.4-acre site, according to city real estate records. In 2019, the building was assessed by East Providence at $5.9 million.
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Coastal Medical is one of the state’s largest primary care organizations and operates in about 20 offices across Rhode Island, with 125 physicians and health care providers.
The Lifespan system includes specialty medical services, research and education focuses. It runs hospitals including Rhode Island Hospital, Miriam Hospital and Newport Hospital.
A spokeswoman for Lifespan could not be immediately reached for comment on Monday.
(CORRECTS previous version of this story that included Kent County Memorial Hospital being owned by Lifespan. Kent is owned by Care New England Health System.)
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
