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Landings Real Estate Group Acquires Office Building In Middletown For $5.25M With Broker Matt Fair

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SOLD
$5,250,000

Rhode Island

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Office75,000 SF
Sold 07/03/2025
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Property Image
SOLD

Landings Real Estate Group Acquires Office Building In Middletown For $5.25M With Broker Matt Fair

50 Enterprise Drive

See Similar Deals
Office75,000 SF
Sold 07/03/2025
the dealplayerscompscontact
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Summary

RHODE ISLAND
Asset Type:Office
Price Per Square Foot:$70
Total Square Footage:75,000 SF
Transaction Type:Sale

An office building located at 50 Enterprise Dr in Middletown, RI, was sold for $5,250,000. The building spans 75,000 square feet, translating to a price per square foot of $70. The Landings Real Estate Group plans to convert this office space into 81 apartments under new state legislation aimed at addressing the local housing shortage.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $5,250,000
  • Square Footage: 75,000
  • Address: 50 Enterprise Dr
  • Market: Middletown, RI
  • Buyer: Landings Real Estate Group
  • Seller: KVH Industries
  • Broker: Matt Fair - Cushman & Wakefield

KVH Industries is in the process of consolidating its operations, which facilitated the sale to the Landings Real Estate Group. The transformation from commercial to residential use is a strategic move to help alleviate the region's housing challenges.

Players

Matt Fair
Cushman & Wakefield
Matt Fair
3 deals$42.9M volume
BROKER
Cushman & Wakefield
Cushman & Wakefield
BROKERAGE

Details

SOLD
IMAGE: 07/03/2025 ADDRESS: 50 Enterprise Dr MARKET: Middletown, RI ASSET TYPE: Office BUYER: Landings Real Estate Group SELLER: KVH Industries BROKER: Matt Fair - Cushman & Wakefield SALE PRICE: $5,250,000 SF: 75,000 ~ PPSF: $70 NOTE: The Landings Real Estate Group bought a 75,000 SF office building at 50 Enterprise Dr in Middletown, RI, for $5.25M and plans to convert it into 81 apartments under new state law. KVH Industries is consolidating operations, enabling the commercial-to-residential transformation aimed at easing the local housing shortage.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$280,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,652.13
Cash-on-Cash Return-1.27%
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