Neil Amper is the vice president of Capstone Properties Inc., based in Providence. He has more than 26 years of experience in commercial real estate. He spoke recently with the Providence Business News about recent transactions brokered by his company. Among them, the availability of space at 7 Jefferson Blvd. in Warwick.
PBN: Tell readers about the property 7 Jefferson Blvd. in Warwick. What was this used for in the past, and what are the possible uses now?
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AMPER: 7 Jefferson Blvd. was the former Colony Ford Truck Dealership. The dealership was sold, and the family retained the real estate. The facility is currently being leased to a bus company and a truck rental/maintenance facility. There is currently 9,000 square feet of office/showroom space available with a sign on Route 95 and visibility from the Jefferson Boulevard south ramp. It could be used for destination retail, sales-service facility or a transportation-related business.
PBN: What areas of Rhode Island, geographically, are seeing the most turnover this year? Are you seeing more movement in Warwick, for example?
AMPER: I have tracked 259 transactions within the state this year. There were 50 transactions in Providence and 30 transactions in Warwick of all categories, office, retail, industrial, multifamily.
PBN: What properties still are empty that have difficulty attracting tenants or buyers? Not specific locations, but qualities that drive this. Is it poor frontage or conditions?
AMPER: There is no one reason why some properties have difficulty being leased or sold. Sometimes it is the condition of the property, the asking rent or sale price, the location or the size may be too large for the current market conditions. The market determines the value, not the owner, broker or appraiser.
PBN: Give us a few examples of interesting listings that you have, and what makes them unusual or desirable.
AMPER: I recently sold Wickford Landings in Wickford. It was a mixed-use property on the waterfront. It had retail, office, boat slips as well as two apartments. It was truly one of the most unique listings that I have had in recent years.
PBN: What are companies looking for right now? Give us some details as to what companies want in commercial space.
AMPER: Companies are always looking for well-located, reasonably priced real estate. The condition of the property, as always, plays into the decision-making process. Investment property has been a significant driver this year as well as demand for industrial property. Office space has had a resurgence and vacant space has begun to be absorbed.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
