Landings Real Estate Group Acquires Office Building In Middletown For $5.25M With Broker Matt Fair
50 Enterprise Drive
$5,250,000
$70/SF
Building Size
75,000 SF
Asset Type
Office
Closing
Jul 3, 2025
AI
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
Middletown Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.02%
Cash-on-Cash
-0.86%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93