143 Westminster LLC, a partnership between local developers Jordan Durham and Peter Gill Case, closed on the $900,000 purchase of 143 Westminster St., next door to the landmark 'Superman' building. The historic mansard roof building which fronts on Westminster St. as well Kennedy Plaza contains 15,000 s/f and is occupied by Dunkin Donuts and IKON Office Solutions among other tenants.
MG Commercial represented the seller, Cercere Group LLC.
"This acquisition is an indication of our belief in the long term prospects for growth and appreciation in downtown Providence. Westminster St. and Kennedy Plaza are really two of the best addresses in Providence for commercial real estate, and we are pleased to add this property to our portfolio" said Jordan Durham, principal of the buyer as well as local development company D+P Real Estate.
This is the second property acquired by Durham in the financial district over the last two years. He recently completed the redevelopment of the former Ritz Camera property on Orange St. which now houses the Congress Tavern on the first floor as well as commercial and residential lofts on the upper floors.
The partners plan to make some minor upgrades to the property over the next year including renovations to the lobbies and common areas. The property is 87% occupied