WARWICK – A 25,352-square-foot warehouse building in Warwick recently sold for $2.15 million, according to Capstone Properties, a Providence-based real estate company, which represented the seller.
The facility at 111 Plan Way is the former home of R.I. Rentals, a company that provided rentals of construction equipment, landscaping equipment, shop tools, outdoor tents and other party equipment. R.I. Rentals shut down in 2022 after 56 years in business, and then it held an auction of all its inventory.
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“We made the difficult decision to close our business due to a shortage of staff,” R.I. Rentals said in a Facebook post. “We were one of Rhode Island’s largest, premier tent and party equipment rental stores. … In our business, we brought people together and that is what we will miss the most.”
The company said it received an outpouring of thanks and well wishes from its loyal customers, which include many other businesses that hold events throughout Rhode Island, Massachusetts and Connecticut.
“Many of you told us that it was definitely the end of an era when we closed our doors,” according to the statement from R.I. Rentals. “We hope you have events to cherish for a lifetime. It’s what we were all about.”
The one-story building was purchased by Nexgen Mechanical, a heating, ventilation and air conditioning contractor, which aims to use the facility to expand its business, according to Capstone Properties.
The warehouse property, located less than 2 miles from Interstate 95, includes 1.89 acres of land, according to the city’s online property tax evaluation database. The property features three loading docks and 75,000 square feet of paved asphalt for parking, according to the database.
The property was most recently valued by Warwick assessors in 2023 as being worth $1.43 million, according to the property tax evaluation database.
Neil Amper, vice president of Capstone Properties, represented the sellers, according to the real estate firm.
According to the warranty deed, a public record of the sale, the building was sold through a holding company called Hill Warehouse LLC, a limited liability company based in Warwick. The property was purchased by 111 Plan Way LLC, another limited liability company based in Warwick.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
