Providence buildings change hands

The new owners of two downtown office buildings in Providence say they have no immediate plans for the structures purchased during a receivership process, while the purchaser of a third would not say what his plans were, if any.
Last month a Superior Court judge approved plans to sell four commercial structures owned by Corsetti Properties LLC. Last week three of the four new owners responded to requests to comment from the Providence Business News.
Providence development firm Omni Combined W.E. LLC purchased 32 Custom House St. for $650,000 on Sept. 4 and has no immediate plans, said Omni Principal William L. DiStefano Jr. A law firm is the only occupant of the five-story building next to the Pot Au Feu restaurant. The brick building was constructed in 1875 and the structure and land have a combined appraised value of $1.3 million, according to city records.
“It’s very old and it’s in very nice condition,” DiStefano said. “So we’ll probably just clean it up and decide what we’re going to do with it. It’s an office building right now, most likely it will remain that.”
Down the road the Procaccianti Group purchased the office building at 1 Custom House St. for $535,000.
“We are reviewing several redevelopment scenarios at this time, however no plans have been finalized,” company spokesman Ralph Izzi Jr. said in an e-mail. “As with all of our properties, our intention is to deliver a first-class asset that complements its unique history and premier Downcity location while meeting the needs of the marketplace.”
Procaccianti Group owns the Westin Providence and the Hilton Providence. The judge also approved the sale of 146 Westminster St. to Capital Development LLC for $1,045,000. The company’s managing partner did not respond to a message for comment. The city appraised the lot at $2.2 million.
The final building, 111 Plain St., was sold to Legacy Real Estate Ventures Inc. of Waltham, Mass. for $3,321,000. Principal Michael Rice declined to comment on his plans for the medical office building near Women and Infants Hospital. The city has assessed the property at $989,500.