Colliers, the leading commercial real estate services firm, announces it has arranged the $39 million sale of an office and warehouse property at 1600 Division Road in West Warwick. A Colliers team led by Managing Directors Frank Petz and Matt Sherry, along with Vice President of Capital Markets, Rob Schlesinger, successfully transacted the sale of a Class B industrial building alongside owner Brookwood Financial.
1600 Division Road is a 550,000-square-foot industrial facility sitting on nearly 52 acres of land. The property is currently 90% leased with pure office constituting the majority of the building’s available space. According to Colliers research, demand for industrial space remains strong and increased inventory is being driven primarily by new high-bay products. Working alongside buyer Albany Road, the Colliers team that arranged the sale was able to advance through numerous market hurdles during the sale process, including interest rate fluctuations and volatile capital markets conditions.
“There continues to be a strong demand for industrial space in the Greater Boston Area including Rhode Island,” said Petz. “This successful sale of 1600 Division Road highlights the strength of the industrial real estate market, as well as the increasing investor interest in Class B warehouse buildings, particularly in tertiary markets. This property presents immense potential for investors, and we remain optimistic about the continued growth in the industrial real estate sector.”
West Warwick is known for its rich industrial history with accessibility to a skilled regional workforce and convenient proximity to major metropolitan areas. These advantages make it an ideal location for office developments and an attractive destination for investors seeking strategic growth opportunities. 1600 Division Road is conveniently located with direct access to both Interstate 95 and Route 4. The campus setting also offers on-site parking and is located minutes away from Warwick’s best hotels, shopping centers, and restaurants.