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First Bristol Corp. sells Silver Spring SC to Wal-Mart (New England Real Estate Journal)

1/20/2005

THE HECT CO. AND MOSES ALFONSO REP. BUYER First Bristol Corp. sells Silver Spring SC to Wal-Mart Providence, RI – First Bristol Corp. sold its Silver Spring Shopping Center to Wal-Mart in Bentonville, Ark., who will demolish the entire center and reconstruct a new 135,000-s/f general merchandise store. James Karam, president of First Bristol, whose team led the permitting process through the various planning departments in Providence, indicated that “We were extremely pleased to be involved in this joint venture with Wal-Mart in bring the first Wal-mart store to the City of Providence. The center was owned by First Bristol for approximately 10 years, which was formerly anchored by Ames Department Stores. After the Ames bankruptcy, First Bristol was successful in purchasing the leaseback in the bankruptcy court and through a series of negotiations was finally able to vacate all tenants within the center, allowing for the demolition and reconstruction of this new Wal-Mart store.” This was an early 1970s shopping center that we had purchased with the specific plans of redevelopment, due to its ideal location directly off Rte.95 and the substantial number of multifamily owner occupied housing nearby. Ken Hecht, of The Hecht Company represented Wal-Mart and attorney Tom Moses, of Moses & Alfonso of Providence, represented the owner and Wal-Mart through the approval process required, as a result of a number of permits that were necessary involving traffic, environmental, architectural design, landscaping and off-site cityscape requirements, required by agencies of the city and the state. The New England Real Estate Journal