EAST PROVIDENCE – A 117,360-square-foot commercial property now occupied by Hasbro Inc. was recently sold by Paolino Properties LP to ZOLL Medical Corp. for $18.36 million, according to public records.
Former Providence Mayor Joseph R. Paolino Jr., managing partner at Paolino Properties, said the emergency medical equipment and software company contacted him a few months ago to see if he wanted to sell the 200 Narragansett Park Drive property. The sale expands on existing facilities in Rhode Island owned by the Chelmsford, Mass.-based ZOLL Medical, which was established in 1980.
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“It wasn’t on the market,” Paolino said. “They’re a nice company. They’re very nice people to do business with. … It was a nice transaction.”
Paolino Properties previously acquired the facility through a limited liability company called 200 Narragansett Park LLC in 2014 from Conhas II LLC for a purchase price of $10.5 million, according to public records. The office building was constructed in 1986, according to public records kept by the city.
The property has been leased out by the Pawtucket-based toy, game and media conglomerate Hasbro, known for product lines that include Transformers, G.I. Joe, Monopoly, Mr. Potato Head, My Little Pony and Magic: The Gathering. According to the Paolino Properties website, Hasbro used the East Providence site for research and development, administrative and data offices, with more than 400 employees working there. A spokesperson for Hasbro declined to comment on the sale.
ZOLL said the medical equipment company plans to use the site for manufacturing of its medical products, noting that the “fast-growing” company also operates nearby facilities at 201 Narragansett Park Drive in East Providence and 525 Narragansett Park Drive in Pawtucket.
“We plan to use the property to expand ZOLL’s manufacturing and operations capacity to better serve our customers,” said ZOLL Medical spokesperson Matt Hogan.
The 40,956-square-foot 201 Narragansett Park Drive facility was bought by ZOLL in 2020 for $1.93 million from CBRE Inc., according to an announcement by the commercial real estate investment firm.
ZOLL bought its Pawtucket property for $215,000 in 2018 through its subsidiary Bio-Detek Inc. in 2018, doing business within a 32,330-square-foot property on the site that was constructed in 1982, according to city records.
ZOLL, which is part of Asahi Kasei Group Co., makes products for defibrillation and monitoring, circulation and CPR feedback, data management and therapeutic temperature management. Paolino noted that the company also makes ventilators that have been used for the care of patients hospitalized with respiratory problems as a result of COVID-19.
Bio-Detek, according to the company’s website, designs and manufactures a wide variety of electrodes for defibrillation, monitoring and multifunction use.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
