News: Rhode Island
Posted: January 12, 2024
Fair and Flachbart of Hayes & Sherry
close $1.7 million sale of office building
Lincoln, RI Hayes & Sherry, a Cushman & Wakefield alliance member, has sold 6 Blackstone Valley Place, building 6, on behalf of its client, EGMP 6 Blackstone, LLC. The $1.7 million sale closed in late-December and was facilitated by Matt Fair and Steve Flachbart.
The property is a 10,000 s/f office and lab building occupied by longtime tenant, Mantrose-Haeuser Co., Inc., a global company developing edible coatings and specialty consumer products.
Prior to its listing, 6 Blackstone Valley Place, building 6, underwent a number of major capital improvement projects, including a new roof, mechanical updates, and the installation of a new HVAC system.
“We are excited about the outcome of our marketing process for this property, which generated a market-leading price of nearly $170 per s/f for our seller client,” said Fair, a partner at Hayes & Sherry. “The buyer also benefited from a strong credit tenant income stream along with significant recent improvements.”
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