WEST WARWICK — Ethide Laboratories Inc. and its real estate at 1300 Main St. were sold March 25 to Providence-based entity Biolyze LLC, managed by Sarath Koruprolu, according to the New Bedford-based real estate broker Nery Corp. Tuesday.
Terms of the sale were not undisclosed. In February, Biolyze LLC, according to the U.S. Small Business Administration, took out a 7(a) loan from Centreville Bank for $347,000. 7(a) funds can be used to fund startup costs, purchase new land or purchase an existing business, the SBA states on its website.
Ethide’s property, which has a total assessed value of $298,700 according to town property records, was previously owned by M & S Enterprises LLC, a real estate holding company related to Ethide Laboratories. Ethide’s website states that the lab is registered for “microbiological, biological and ethylene oxide residual testing for the medical device industry.”
The sale, the release states, included a 4,500-square-foot “upgraded facility” consisting of office and meeting spaces, work stations, and testing and cleaning equipment for medical devices and medical facilities. The property was on the market for 13 months and Ethide has 13 employees, Nery Corp. said.
Adam J. Bradshaw and Lori A. Nery of Nery Corp. represented M & S Enterprises in the transaction.
James Bessette is a PBN staff writer. Email him at Research@PBN.com.
