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Providence MOB Trades in 1031 Exchange

NKF closed on the $3.5-million sale of a medical office building at 111 Plain St. in Providence, RI, on behalf of Legacy Real Estate Ventures to Eastie Realty, LLC. Totaling 13,818 square feet, 111 Plain St. is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System.

Boston-based associates Joseph Alvarado, George Demoulas and Casey Valente of NKF’s Private Capital Group oversaw the MOB sale. The Private Capital Group is led by Robert Griffin and Michael Greeley, who is also part of NKF’s Boston-based Medical-Academic Practice Group.

“111 Plain St. is a highly desirable, on-campus medical office building and a great fit for the buyer’s 1031 requirement,” said Greeley. “The seller owned the property for the past 11 years, meeting the hospital’s expansion needs and coordinating all aspects of property management through its affiliate, Eastport Real Estate Services.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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