MIDDLETOWN – A new buyer has come through for KVH Industries Inc.’s large office building at 50 Enterprise Center.
Chris Watson, spokesperson for the technology manufacturer, confirmed Thursday to Providence Business News that Newport-based Landings Real Estate Group has acquired the 75,000-square-foot building for $5.25 million. Watson also confirmed that Landings will convert KVH’s former building into apartments, but could not speak as to how many apartments would be installed.
Representatives for Hayes & Sherry Real Estate Services, who brokered the deal, did not immediately respond Thursday to a request for comment.
KVH selling its two Rhode Island properties, the factor at 75 Enterprise Center and offices at 50 Enterprise Center, was part of the company’s plan dating back to December. Initially, KVH entered into a purchase and sale agreement with 50 Enterprise LLC, a subsidiary of Seacorp Inc., to sell its property at 50 Enterprise Center for $4.5 million. The purchase includes related buildings, improvements, and other assets.
However, Watson told PBN 50 Enterprise LLC elected to withdraw from the sale. He could not comment as to why the prospective buyer backed away.
“The new buyer [Landings] stepped in very quickly and as a result, the sale proceeded in line with our original expectations,” Watson said.
Watson also noted that KVH’s $8.5 million sale of 75 Enterprise Center to Knight Capital LLC is “proceeding as planned.”
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on X at @James_Bessette.