BOSTON, The Brooks Company, A Boston-based real estate development and investment firm, has sold The Grant Mill building in Providence, RI, to a joint venture of Starr Development of Massachusetts and Brady Sullivan Properties of New Hampshire. Purchase price was $2.4 Million.
The historic, four-story brick building, located at 295 Carpenter St., within walking distance of the downtown, was built in the early 1900s by the cotton manufacturing firm of B.B.& R. Knight, best known for its "Fruit of the Loom" products.
"The sale is in keeping with our strategy of adding value to properties through aggressive repositioning and the permitting process," said Jeffrey Brooks, president. "In this case, we took a functionally obsolete industrial mill building and added value by converting the property to residential apartments and obtaining federal and historic state tax credits through our professional, well-tested management program."
Built around an earlier stone structure, the building with flat roof and segmented arch windows was one of the two Providence mills owned by Knight, which began the manufacture of cotton cloth in 1852 and in 1856 adopted its Fruit of the Loom name. By the early twentieth century the textile company owned 22 mills in Rhode Island and Massachusetts.
The Brooks Company, LLC specializes in the investment and development of multi-family and commercial properties in Massachusetts and Arizona. Its mission is to create quality real estate for its tenants while providing superior returns to its investment partners.