CRANSTON – A nearly 235,000-square-foot industrial building at 2700 Plainfield Pike has been sold to a Massachusetts-based real estate development company for $6.9 million.
The sale to Needham, Mass.-based Equity Industrial Partners was announced Tuesday by CBRE Inc. The property was owned by First Bank and Trust Company of Illinois.
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The property is less than two miles from Interstate 295 and has been only partially occupied for the past decade, according to a news release. Great Northern Products Ltd., a sales and marketing company that specializes in seafood, occupies a small portion of the Cranston site.
The industrial facility will be updated with a new roof, LED lights, a refinished parking lot and new mechanical systems, according to the release.
Equity Industrial Partners operates in 19 states and has two other holdings in Rhode Island. Its local properties include 200 Frenchtown Road in North Kingstown and 10 New Road in East Providence, according to its website.
The company, founded in 1994, is privately held and makes investments in acquiring, redeveloping and releasing existing, second-generation warehouse and distribution centers and office buildings, according to its website.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
