North Smithfield, RI The Ann Foncellino team of Coldwell Banker commercial division and Bob Barrera and Chris Dalti of Keller Williams Realty Leading Edge sold the industrial building located at 229 Quaker Hwy. for $1.8 million.
The building is 41,000 s/f with a loading dock on a 2.5-acre lot. It is currently occupied by the seller, Atlantic Footcare, which molds polyurethane materials. Their primary products are insoles for shoes. They are also a tier II supplier to the military boot, MFG in the U.S.
The buyer, Blackridge Properties, utilized a 1031 Exchange which both brokers handled. The deal was a lease-back which they negotiated into a long-term triple net lease for the buyer.
As part of the future growth of the company, they diversified into MFG lacrosse balls. Their eco-friendly molding operations allow them to mold sensitive electronic components into all kinds of finished products.