EAST GREENWICH – A new full-service commercial real estate firm recently formed as a result of a merger between the East Greenwich-based Gaspee Real Estate Partners and J2 Properties in North Kingstown.
The new company is being called Gaspee Cos., bringing together a combined portfolio of more than $100 million in commercial real estate in New England. The firm, named after the historic torching of the HMS Gaspee in the lead up to the American Revolution, said it will focus on acquiring, developing and repositioning “value-add properties” throughout the country, specializing in single-tenant net lease development in the Northeast region.
Steve Hardy and Chris Needham, who together founded Gaspee Real Estate Partners as a commercial real estate developer in 2016, will continue to serve as principals of the new Gaspee Cos. Jeff Cammans, who established J2 Properties about six years ago, will also serve as a principal of the newly formed real estate firm.
“This is a great opportunity to combine the strength and resources of two successful, like-minded companies,” Cammans said.
Hardy praised Cammans for building up J2 as a commercial real estate investment firm.
“Jeff built J2 into one of New England’s premier commercial real estate firms in just six short years,” Hardy said. “His ability to identify new opportunities and immediately increase value is something that we intend to build on swiftly.”
The new combined firm said it plans to add $80 million in properties to its portfolio this year, adding to its $100 million portfolio involving 30 different commercial properties.
The new company said that some recent accomplishments by Gaspee Real Estate Partners include repositioning a vacant 42,000-square-foot Sports Authority store at 105 Pace Blvd. in Warwick, now operating as a Penske Automotive Group store; acquiring and renovating a four-story, 55,000-square-foot office building at 30 to 60 Quaker Lane in Warwick, now leasing it out to the federal government; and a ground-up development of a neighborhood shopping center in North Conway, N.H.
“I look forward to building upon the thriving development business that founders Steve and Chris have created, while simultaneously growing our asset portfolio,” Cammans said.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
