(Updated, 4:50 p.m., Jan. 31)
PROVIDENCE – A New York-based real estate management company has purchased 12 medical office buildings in Providence, at a combined purchase price of $60 million, according to a company statement.
Benedict Realty Group, of Great Neck, N.Y., acquired buildings in a 9-acre campus-like area that includes frontage on Baker, Ellenfield and Chapman streets, as well as Allens and Virginia avenues. The buildings included cover 350,000 square feet of space and were owned by Providence-based Belvoir Properties.
The 12 buildings were sold to a partnership group of companies that will still include Belvoir, according to its CEO, James R. Winoker.
Belvoir, a family-owned company, still maintains other holdings in the Washington Park neighborhood, he said. The time was right for the sale of these 12 buildings, he added.
The tenants will not be affected by the sale.
“We love them all,” he said. “We are going to continue to take as good care of the companies as we always have.”
Each building has recently been renovated, according to Benedict. The addresses follow: 117 Ellenfield St., 45 Baker St., 63 Baker St., 75 Baker St., 78 Baker St., 717 Allens Ave., 767 Allens Ave., 1 Virginia Ave., 17 Virginia Ave., 225 Chapman St., 240 Chapman St. and 245 Chapman St.
All of the buildings are fully occupied with medical, technology and university tenants, and located near local hospitals.
The acquisition brings the Benedict portfolio of medical office buildings to 17 properties along the East Coast.
The combined assessed value of nine of the properties was $12.3 million, according to Providence property information published on the Vision Government Solutions website. Three of the properties were not listed on the site: 240 and 245 Chapman street, and 767 Allens Ave.
A number of the properties were owned by LLCs controlled by Belvoir. Two of the properties, at 45 and 63 Baker St., were most recently owned by Edgewood Properties LLC. Two others, at 75 and 78 Baker St., were most recently owned by liability corporations that had acquired them in 2009 from Edgewood.
Two properties, at 717 Allens Ave. and 17 Virginia Ave., were most recently owned by Claremont Holdings LLC, according to the property records. Its offices were listed on the online records in care of Belvoir Properties, whose headquarters is located at 17 Virginia Ave.
Two properties with an address of 225 Chapman St. in the city’s online database were most recently owned by Commodore Properties LLC, which also has its offices shared with Belvoir.
