Rhode Island Hospital purchases Davol Square building for $6M

PROVIDENCE – In addition to buying a medical office building in East Providence for $14 million, Rhode Island Hospital in late April purchased a building at 10 Davol Square in Providence that had been the headquarters for Coastal Medical Inc.

The $6 million purchase was recorded on April 26, according to Providence real estate records.

Coastal Care Medical Management Realty LLC sold the five-story brick building, built in 1880, as part of its agreement to affiliate with Lifespan Corp. The two entities announced their affiliation on April 27. At the time, the financial terms were not disclosed.

The Providence sale also included $31,692 in real estate taxes, which were paid by Rhode Island Hospital, according to online records.

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10 Davol Square was assessed by the city at $3.5 million in 2020. It was last sold in October 2017 by Brown University for $5 million.

Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.