CRANSTON – A medical office building leased to Brown University Health recently sold for $4.2 million, according to Sweeney Real Estate & Appraisal, which represented the seller in the transaction
The property at 1500 Pontiac Ave. is an 11,638-square-foot, single-story office building situated on approximately 1.87 acres.
The building, which was constructed in 1980, is fully leased to Brown Health under a triple-net lease and underwent a tenant-funded renovation in 2025, according to the real estate firm.
The renovation expanded Brown Health’s primary care center by approximately 7,000 square feet, the firm said, allowing the health system to consolidate physicians, nurses and staff from another location into the Pontiac Avenue facility. The renovation project also added new patient exam rooms, nursing stations, consultation space and upgraded mechanical systems.
The site also houses Brown Health outpatient laboratory services.
According to Sweeney Real Estate, the investment includes approximately 80 parking spaces and is leased through 2028, with two five-year renewal options.
The building is zoned M-2 for medical use and is located near Interstate 95, Interstate 295, Rhode Island T.F. Green International Airport, Eleanor Slater Hospital, and other commercial and institutional properties.
According to the Cranston property assessor’s database, the property was appraised at approximately $1.8 million in 2023, including $383,700 for the land and $1.41 million for the building.
Thomas O. Sweeney, of Sweeney Real Estate, represented the seller in the transaction.
According to the warranty deed, a public record of the sale, the property was sold by Pontiac Medical Group LLC, a Rhode Island limited liability company, and purchased by MGM Pontiac LLC, a limited liability company based in East Greenwich.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @LaRockPBN.
