CRANSTON – A 22,671-square-foot office building in Cranston recently sold for $3.2 million, according to MG Commercial Real Estate Services Inc., which closed the deal on behalf of the former owner and represented the seller.
The three-story office building at 1 Capital Way was constructed in 2001 and fully renovated in 2015, according to the commercial real estate agency.
The buyer in the deal was Comprehensive Community Action Inc., according to MG Commercial. Comprehensive Community Action is one of the state’s largest nonprofit social service organizations, with a staff of over 350 and an annual operating budget of more than $33 million, according to its website. The organization serves more than 40,000 clients in Rhode Island, providing access to health and dental services, child development services, family development services, financial assistance, affordable housing, youth education and job training programs.
The seller in the deal was WJS LLC, according to MG Commercial. WJS, a real estate management firm also known as Cathedral Development Group, first purchased the property in 2016 for $2.5 million, according to city property records.
The building was bought by Comprehensive Community Action with one tenant in the building, an accounting firm called CLA, according to MG Commercial. On Jan. 1, 2021, CLA acquired Blumshapiro, which had been a longtime tenant of the building.
Under the new ownership, Comprehensive Community Action will occupy the top floor, and the accounting firm will occupy the first and second floors, according to MG Commercial.
Leeds Mitchell, executive vice president of MG Commercial, and Michael Giuttari, president of the firm, represented WJS in closing the recent sale and they also brought Comprehensive Community Action to the deal, the real estate firm said.
The building was most recently valued by Cranston assessors in 2022 as being worth nearly $3 million, according to the city’s online property tax evaluation database.
The building is located on a 0.82-acre lot, which includes 20,000 square feet of paved asphalt.
The building is considered a Class A office space, and it features large, medium and small conference and meeting rooms, which are fully equipped with audio and video technology, according to MG Commercial. The building also features a large kitchen area with a cafeteria, which can accommodate up to 50 employees at a time.
The property is located off Route 2 near the busy Reservoir Avenue and Park Avenue intersection, with highway access through nearby Route 10 and Interstate 95.
Marc Larocque is a PBN contributing.
