The Lannan Co. purchases Newport Shopping Plaza for $775,000

The Lannan Company, Inc. purchased the Newport Shopping Plaza, located at 17-53 John Stark Highway from Newport Shopping Plaza Associates, LLP for $775,000. The Newport Shopping Plaza is a 26,000 s/f neighborhood retail shopping center situated on 3.54 acres with 710' of frontage along Rte. 11/103. The Newport Shopping Plaza is 100% occupied and shares a signalized intersection with another shopping plaza across the street which houses Ocean State Job Lot and Shaw's Supermarket, among others. In addition, New London Hospital, a direct abutter to the Newport Shopping Plaza with shared parking lot access recently received planning board approval from the Town of Newport to construct a brand new 30,000 s/f two-story health center. Don Chabot of Town & Country Realty Associates represented the seller. Enterprise Bank provided financing for the buyer.