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News: Front Section
Posted: April 22, 2022
Sweeney of Sweeney Real Estate & Appraisal with Petz, Howard and Nasca of Colliers facilitate $6.55m sale
Providence, RI The Westminster Sq. Building, also known as the Howard Building, located at 10 Dorrance St. in downtown sold at public auction for $6.55 million.
Thomas Sweeney, SIOR of Sweeney Real Estate & Appraisal teamed up with Frank Petz, Brooke Howard and John Nasca of Colliers International New England to represent Giovanni La Terra Bellina, as counsel to the receiver for Robert Day, LLC. The 12-story, 203,824 s/f building has multiple tenants and is utilized for both office and retail uses. The buyer, Paolino Properties LP, is considering conversion to life science or apartments.
but needs more assessment before that decision is made.
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Columns and Thought Leadership
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To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
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Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
