PROVIDENCE – The state-owned building at 90 Plain St. was sold this morning for $3.63 million, according to Sal Corio of SJ Corio Co., which conducted the property auction.
The auctioneer described the structure, also known as 84 Plain St., as a “highly visible building along Route 95.”
The building itself is four stories tall, with 37,293 square feet of finished space plus 4,053 square feet of unfinished basement space, and was completed in 1986. It is located on a 25,135-square-foot lot that has 170 feet of frontage on Plain Street and 180 feet on Crary Street.
The property is west of the interstate and north of Rhode Island, Hasbro Children’s and Women & Infants hospitals, in what SJ Corio described as the city’s medical district. The region is zoned M-1, for commercial and light industrial use.
The 10:30 a.m. auction drew about a dozen qualified bidders, Corio said. To qualify, bidders were required to present a certified check or bank check for $100,000, payable to the State of Rhode Island.
The Warwick auction house declined to reveal the identity of the winning bidder, who has 25 hours from the time the auction concluded to provide a deposit of 5 percent of the final sale price.
Proceeds from the sale of the building, which previously was occupied by the R.I. Department of Mental Health, will go to the state’s General Fund, the auction house said.
John P. Ryan, deputy chief of public buildings for the R.I. Department of Administration, did not immediately reply to the Providence Business News’ requests for comment.
SJ Corio Co., founded in 1983 by Salvatore Corio Jr., is an auction, appraisal and liquidation company serving the commercial and industrial markets. It is a member of the Turnaround Management Association and the National Auctioneers Association. For information about the company or upcoming auctions, visit www.sjcorio.com.
