NEWPORT – The Bellevue Gardens Shopping Center has been sold to Procaccianti Cos., a Cranston-based property management firm, for $40 million, Bliss Properties Inc. announced on Wednesday.
“Bellevue Gardens is a primary retail center in Newport located directly across from the International Tennis Hall of Fame on one of the most iconic streets in the United States,” said Ralph V. Izzi Jr., vice president of public affairs at Procaccianti in a statement. “This rare opportunity aligns perfectly with our investment strategy which is to acquire high quality diverse real estate in high barrier to entry markets.”
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The 4.8-acre property at 181 Bellevue Ave., had been with the Bliss family for more than 60 years, according to the Providence-based real estate company. Developed in 1956 by Lloyd Bliss, the center grew over the years and now includes 12 tenants, including retailers such as Bellevue Wine & Spirits, BankRI and A Market.
“Most recently, we have focused on creating a tenant mix with great synergy that would create one-stop shopping. We are extremely proud to have met our goal of 100% occupancy with an incredible assortment of tenants that serve the needs of Newport,” said Bliss Properties CEO and President Gary Bliss Garabedian and Bliss Properties President and Chief Financial Officer Lisa Garabedian Regan in a joint statement.
“It seemed like the perfect time, as we have met and exceeded the goals that our grandfather had envisioned more than half a century ago,” they added. “Thank you to all of our shoppers, neighbors and tenants – many of whom have become close friends – for the past 65 years of support!”
Recently, Procaccianti has made another multimillion-dollar purchase in Newport, buying the Newport Beach Hotel & Suites on Wave Avenue. While the group did not verify how much the hotel was acquired for, the Newport Daily News reported that Procaccianti purchased Newport Beach Hotel for more than $25 million.
“We look forward to deploying our fully-integrated real estate management platform to service our tenants and overall operations at Bellevue Gardens,” Izzi said.
Claudia Chiappa is a PBN staff writer. You may contact her at Chiappa@PBN.com.
