News & Transactions

September, 22 2020

Sherry and Flachbart of Hayes & Sherry Real Estate sell 66,000 SF for $3.8 million

East Providence, R.I.  – PACE Organization, a non-profit that provides services for seniors with complex medical needs, has purchased a new 66,000 SF headquarter building located at 10 Tripps Lane in East Providence, RI for $3.8 million.

 

The new site is more than twice the size of its current location in the Washington Park area of Providence, according to the PACE organization.

 

The building will become its new center of operations and a clinical hub for plan members in the Providence area.  The shift in location will move 100 jobs to East Providence following a $4M renovation.  The new headquarters is expected to open in June 2021.  The facility will have an adult day-care center, clinical facilities, expanded rehabilitation space, and participant & staff meeting rooms.  PACE plans to create an art studio, music room, and other recreational spaces for seniors who have specific needs, including dementia.

 

The building will have a commercial-grade kitchen that will allow PACE to provide meals for its participants as well.

Joseph R. Paolino of Paolino Properties was the Seller. 

 

The property purchase was facilitated by Karl Sherry and Steve Flachbart of Hayes & Sherry Real Estate Services, a Cushman & Wakefield Alliance Member.