Paolino purchases Cherry & Webb building in downtown Providence

THE FIVE-STORY former Cherry & Webb department store building on Westminster Street in downtown Providence has been purchased by Paolino Properties for about $2.3 million, following the firm's acquisition in January of three Financial District properties. / PBN PHOTO/PATRICK ANDERSON
THE FIVE-STORY former Cherry & Webb department store building on Westminster Street in downtown Providence has been purchased by Paolino Properties for about $2.3 million, following the firm's acquisition in January of three Financial District properties. / PBN PHOTO/PATRICK ANDERSON

(Updated, 10:56 a.m.)

PROVIDENCE – Paolino Properties has acquired the former Cherry & Webb department store building at 275 Westminster St. downtown, the Providence real estate firm announced Thursday.

The purchase price was “approximately” $2.3 million, Paolino Properties said in a news release.

The five-story brick building, built in 1900, has an assessed value of $2.8 million, according to the city assessor’s database. It lists just over 40,000 square feet of space not including the basement.

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The seller was Belvoir Properties, led by James Winoker, according to the Paolino release.

Current tenants in the Cherry & Webb building include WLWC TV, the Rhode Island Disability Law Center, the Church of Jesus Christ of Latter-day Saints, and Broadview Networks Inc.

The Cherry & Webb purchase comes on the heels of Paolino’s acquisition of three Financial District properties, including 100 Westminster St., for around $64 million.

“We are excited about the acquisition of this building and happy to continue expansion of our properties along Westminster Street,” said Paolino Properties Managing Partner Joseph R. Paolino Jr. “The Cherry & Webb building has long been a part of Rhode Island’s collective memory, many have visited and shopped there over the years.”

The building includes one entrance to the Tri-Store Bridge, an elevated passageway that used to connect shoppers between the Cherry & Webb, Shepard and Gladdings department stores.

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