PROVIDENCE – A five-story office building located across the street from the “Superman” building in downtown Providence recently sold for $2.35 million, according to Northeast Private Client Group, which represented the seller.
The 136-144 Westminster St. property, known as the Lauderdale Building, consists of nine office suites and three retail tenants, according to the Northeast Private Client Group.
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Recently, a first and second floor tenant called Franklin Rogers Ltd., a men’s clothier, closed down after the business was evicted by the former landlord over a failure to pay more than $65,000 in back rent and utilities.
The property comes with off-street parking, totaling 34 spaces, at the rear of the building for use by the tenants if they pay an additional monthly fee.
The building features two elevators, one at the front of the building and the other at the back, according to the Northeast Private Client Group.
The 33,700-square-foot mixed-use property was constructed in 1894, according to the Providence Preservation Society. The building features a terra-cotta and Roman brick exterior designed by the firm Stone Carpenter & Willson.
The building, which uses steam heat, has 6,643 square feet of basement space, according to the city’s tax evaluation database.
The building, which stands on a 0.18-acre lot, was most recently valued by Providence assessors in fiscal year 2023 as being worth $2.59 million, according to the database. Of that, the land is worth $663,700, with the rest attributed to the building.
Northeast Private Client Group senior associate Tim McGeary and associate Rick Welch both represented the seller and procured the buyer in this transaction.
According to the warranty deed, a public record of the sale, the building was sold by Lauderdale Associates LLC, a Providence-based limited liability company managed by William Piccerelli.
The mixed-use building was purchased by 136 Westminster Street LLC, a real estate holding company managed by Jeffrey Mendell, of Bedford, N.Y., according to corporate records maintained by the R.I. Department of State.
Mendell, a graduate of the Wharton School at the University of Pennsylvania, is a longtime real estate investor and developer who serves as managing director of Greenwich Development Partners and owner of JBM Realty Capital Corp.
Mendell “has been responsible for the development of over 5 million square feet of office and retail properties as well as over 1,000 homes and apartments,” according to the Greenwich Development Partners website.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
Too bad. Out of state developers are ruining Providence.