Providence, RI Chris Greenman of Capstone Properties has completed the sale of 457-471 Angell St. to Squaremed Associates, LLC for $4.65 million. The sellers, Jane Realty Co., built this mixed-use property in 1950 and remained active in its management until 2014, when they hired Capstone Properties for leasing, management and eventually disposition services.
Totaling 17,572 s/f, the property is presently 84% leased to seven tenants anchored by Bank of America, Red Stripe restaurant and Books on the Square. Capstone was successful in expanding Red Stripe, extending term with Bank of America and leasing half of the second floor office space prior to bringing the property to market.
“457-471 Angell St. was a rare opportunity to sell a stabilized investment property in the heart of Wayland Square on Providence’s East Side,” said Greenman. “Wayland Square is a commercial real estate ‘jewel box’ surrounded by a highly educated, upper income population and is less than one mile from Brown University and Rhode Island School of Design. Consequently, we were successful in generating multiple offers from R.I. and Mass. investors, and the sellers were confident that their asset’s market value was maximized.”
Squaremed Associates, LLC is owned by Stephen Lewinstein, who has real estate holdings in and around Wayland Sq. Lewinstein said, “Wayland Sq. is really taking off with the opening of West Elm and Pasta Beach on the Square. This was a once in a lifetime opportunity for me to expand my holdings and continue improving this commercial village that I care so much about.”
Capstone Properties is a leader in the real estate services industry in New England, having served the region for over 25 years.