Updated Oct 29, 2024
Procaccianti Group Acquires Bellevue Gardens Shopping Center In Newport, RI For $40M
181 Bellevue Avenue Newport, Rhode Island 02840, Usa
$40,000,000
Building Size
—
Asset Type
Retail
Closing
May 1, 2023
About this deal
AI
The Bellevue Gardens Shopping Center in Newport, RI has been sold for $40 million. The property, developed by Bliss Properties in 1956, was purchased by the Procaccianti Group. This acquisition comes shortly after Procaccianti Group's purchase of the Newport Beach Hotel & Suites in Middletown for $25 million.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $40,000,000
- Buyer: Procaccianti Group - Ralph Izzi
- Seller: Bliss Properties
The Procaccianti Group, a Rhode Island-based company, continues to expand its portfolio with the acquisition of the Bellevue Gardens Shopping Center. This purchase adds to their growing presence in the Newport area, as they continue to invest in properties in the region.
Players
Newport Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93