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First Bristol Corp. acquires General Electric Building-75,000 s/f

8/1/2004

First Bristol Corp., has recently acquired the former General Electric Building. This site comprises 18 acres in the Hillsgrove Industrial Park, off Jefferson Blvd., with two freestanding buildings totaling 75,000 s/f in two stories. Over the next nine months, this building will experience a $3 million rehab, including new infrastructure components, re-roofing, HVAC replacement, interior tenant improvements and site upgrades. The site is within one mile of the T.F. Green airport and one mile from two Rte. 95 on/off ramps. James Karam, president of First Bristol said, “Given our positive experience over the past several years in the Rode Island market, we are extremely pleased with the opportunities these structures provide, as a result of the strong Warwick economy and the continued growth generated by T.F. Green airport. Also, with this parcel, we have the flexibility to expand this complex, if required. We envision that this will be a two-year project in which the first year will encompass renovations to the existing buildings, providing a Class A office environment. The second phase will encompass the creation of a new structure of up to 50,000 s/f in a similar format architectural style to the existing buildings.” Jeff Finan, of Hayes & Sherry represented the seller, General Electric Corp. and the financing was provided by Citizens Bank, Providence. The acquisition and rehabilitation cost total $4.175 million. Posted in the New England Real Estate Journal