NORTH SMITHFIELD – A multi-tenant medical office building recently sold for $1.95 million, according to property records and an announcement by Sweeney Real Estate & Appraisal, which represented the sellers.
The 594 Great Road building, which includes 17,929 square feet of working space, was sold by Ocean State Development and it was purchased by SAM24 LLC, a limited liability company based in Quincy, Mass., according to Sweeney Real Estate.
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Tenants include North Smithfield Urgent Care, Elite Physical Therapy and Lifespan Laboratories, along with several family physicians.
This was an investment sale and therefore all the tenants will remain, according to Sweeney Real Estate.
In addition to the two-story building, which was built in 1940, the property includes 1.1 acres of land, according to town property records.
The facility and the land were most recently valued by North Smithfield assessors in fiscal 2023 as being worth a total of $2.1 million, according to the town’s online property tax evaluation database.
The land includes 19,600 square feet of paved asphalt for parking, according to the database.
The new owner, SAM24 LLC, was represented in the deal by Andy Kushner and Mike Milano, of Spinnaker Group Inc. Thomas Sweeney, principal owner of Sweeney Real Estate, represented the sellers, the firm said.
According to the company’s articles of amendment filed with the R.I. Office of the Secretary of State, SAM24 LLC is led by three managers, Mohinder Ahluwalio, Surinder Ahluwalia and Saroj Joshi.
The former owner, Ocean State Development, is based in South Kingstown. The company, affiliated with John McCarthy, is a real estate development firm that was established in 2007, according to public documents filed with the R.I. Office of the Secretary of State.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
