Big Deal: KVH Sells Building for $5.25M — Will Be Transformed Into 81 Apartments

Big Deal: KVH Sells Building for $5.25M — Will Be Transformed Into 81 Apartments

 

A major real estate deal on Aquidnick Island will transform one of the buildings of one of Rhode Island’s top tech firms into a development for 81 apartments.

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The Landings Real Estate Group purchased the 75,000 SF office building located at 50 Enterprise Dr in Middletown, RI for $5,250,000 from KVH Industries.

 

KVH, the publicly traded company, designs satellite communication systems for the maritime industry, the military, and land-based projects. KVH is consolidating its operations to another location.

 

Landings plans to convert the property into 81 apartment units under Rhode Island’s recently enacted law that allows developers to execute commercial-to-residential conversions without being subject to local zoning restrictions.

 

“This property is a textbook example of the type of office-to-residential conversion lawmakers had in mind when they introduced recent housing legislation,” said Matt Fair, Partner at Providence-based Cushman & Wakefield | Hayes & Sherry, who represented the seller.

 

“It’s a great outcome for KVH as they continue to right-size their office footprint and equally encouraging to see this building repurposed to help address the severe housing shortage on Aquidneck Island,” added Fair.