Government Offices

Value-add through acquisition cost and tenant improvements

Sand Point acquired the asset at a 50% discount to replacement cost and is managing the construction of 23,000 sf of tenant improvements for the federal government.

Building name:

West Bay Office Park

building location:

Warwick, RI

Construction type:

Restabilization

size:

55,000 SF

Market sector:

Office

building type:

Restabilization

total project cost:

$11 Million

project completion date:

Est. January 2024

After two years of continuous negotiations prior to and throughout the Covid-19 pandemic, Sand Point executed an acquisition of the West Bay Office Park in Warwick, Rhode Island.

This Class B office building is strategically located in the center of the state, and is anchored by multiple government agencies, including the Social Security Administration, Internal Revenue Service, and the United States Department of Agriculture.

With new leases in place at the time of acquisition, Sand Point was required to facilitate the bidding process, temporary relocation, and construction of 23,000 sf in tenant improvements for two of these federal agencies. The project was in the first quarter of 2024.

Investment With a Vision

Real estate development today involves a wide array of complexities, including intricate zoning regulations and multifaceted construction and leasing processes. Our team excels at overcoming these challenges, reliably achieving successful outcomes for projects of every size and scope.

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From financing, to construction, to property management; Gaspee is a fully integrated commercial real estate development firm that is big enough to handle it, and small enough to care.

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