NARRAGANSETT – A commercial property at 165 Dean Knauss Drive has sold for $1.65 million in the largest light-industrial real estate sale in the town’s history, according to Lila Delman Compass, the firm that represented the seller in the deal.
The 11,431-square-foot building, set on 1.28 acres of land, is comprised of eight commercial units, with five overhead garage-style doors, and eight bathrooms. The commercial property is 85% occupied, Lila Delman Compass said.
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“Tenants consist of research and development, consulting groups, and storage and export,” the real estate firm said in an announcement of the sale.
Prior to this sale, the record for the largest light-industrial real estate deal in Narragansett was set with the sale of the Narragansett Pier Marketplace for $1.8 million in March this year. At the time, it was the biggest commercial sale in the town in 15 years.
The building was constructed in 1986, according to town real estate records.
The Dean Knauss Drive property neighbors the University of Rhode Island Bay Campus.
According to public records from the town, the property was sold by 165 Dean Knauss Realty Holding Inc. to Prosper Sound LLC.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
