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June 10, 2022

Rhode Island investor buys two Wethersfield office properties for $2.3M

CoStar 415 Silas Deane Highway, Wethersfield

A Rhode Island-based investor recently paid $2.3 million for two nearly adjacent office buildings on the Silas Deane Highway in Wethersfield.

ADC Holdings NE LLC, of Warwick, RI, paid $1 million for an 18,756-square-foot office building at 449 Silas Deane Highway, in a sale logged by the town in March. ADC then paid $1.3 million for a 19,440-square-foot office building at 415 Silas Deane Highway in a sale recorded May 20. The buildings are separated by Morrison Avenue and another property.

The principal for the new owner, Antonio M. Cassisi, of Cranston, Rhode Island, referred comment to his leasing agent, Vinny Valentino of Advise Realty Services.

Valentino said the two office buildings are divided into office suits and partially tenanted. The new owner is giving vacant suites in both properties a “facelift” with new paint and drop ceilings, Valentino said. Portions of the buildings will be converted into shared office space and short-term office rentals, he said.

“We are making it into something people can enjoy in a very nice area,” Valentino said.
The building at 449 Silas Deane Highway was sold by Wethersfield Holdings LLC, whose principal is Bharat Faldu, of Windsor. 

The building at 415 Silas Deane was sold by Newington-based Sponzo & Associates LLC, whose principals are Trustee Patrick J. McMahon, of Newington; Janet Sponzo, of Windsor; Deborah Griggs, of Windsor; and Rose Dauphinais, of Windsor. 

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