Procaccianti Group Acquires Bellevue Gardens Shopping Center In Newport, RI For $40M | 181 Bellevue Avenue | Retail | Sale

Summary

Sale

RHODE ISLAND

Retail

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.

Details

Deal Summary

SOLD

IMAGE: Ralph Izzi DATE: 05/01/2023 ADDRESS: 181 Bellevue Ave MARKET: Newport, RI ASSET TYPE: Retail BUYER: Procaccianti Group - Ralph Izzi SELLER: Bliss Properties SALE PRICE: $40,000,000 NOTE: Procaccianti Group has purchased the Bellevue Gardens Shopping Center for $40m, shortly after acquiring the Newport Beach Hotel & Suites down the street in Middletown for $25m. The Rhode-Island based company purchased the shopping center from Bliss Properties, who developed it in 1956 and owned it ever since. Properties

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Address181 Bellevue Avenue

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