Residential Properties Ltd., Rhode Island’s leading real estate company, is pleased to note the continued growth of its commercial sales practices. As part of the company’s reinvigorated branding of 2023, RPL Commercial is taking off in novel directions and breaking records! This year, Residential Properties earned State-Wide MLS’ #1 ranking in several important sales categories, reaching not only #1 for Overall Market Share (7.27%), but also #1 for Commercial Sales Volume ($38,794,900). In addition, 43 Poplar Street, Cranston, listed and sold by RPL’s Bessette Veloso Group for $14,000,000, was recognized as Rhode Island’s highest commercial sale of the first half of 2023 and highest Cranston sale ever! These recent successes speak to the growing importance of the company’s commercial operations; and the industry is taking notice.

RPL Commercial is the full-service commercial arm of Residential Properties Ltd., one of the most successful independent real estate brokerages in the entire country. The company is committed to helping clients understand and navigate the intricacies of commercial real estate, whether they’re an investor or occupier of space. RPL Commercial prides itself on maximizing investment returns for clients on their current and future space needs. 

RPL’s Bessette Veloso Group has played an important role in the state’s commercial market with a combined 45 years of experience in both residential and commercial sales. RPL Sales Associate Scott Veloso, a more than 15-year veteran of Rhode Island real estate in every asset class, has taken note of the unique changes of the past year. “Interest rates have increased quickly in Rhode Island,” Veloso said. “Year to date in 2023, the market for larger apartment buildings of 12+ units is still very active. Most of the deals we are seeing are low leveraged, which makes the financials work even with the increase in interest rates. Banks have definitely tightened their lending, but are still lending to experienced owners that have an existing relationship with them. They are, however, reluctant to lend to new clients. That’s why having a good banking relationship is crucial in the current market conditions.”  

 

RPL’s The Sweeney Advisory recently completed the sale of 1106 North Main Street, Providence for $1,136,000. RPL Sales Associate Michael J. Sweeney proudly represented both sides in this transaction. Zoned for mixed use, with possibilities for the ultimate work-live lifestyle, this prime business location offers maximum visibility in a high-traffic area readily accessed by all areas of greater Providence.

 

Some notable RPL Commercial listings include:

1688 Old Louisquisset Pike Lincoln, RI, $999,900
Bessette Veloso Group, RPL Cumberland

Lincoln Gardens spans .91 acres with four structures, including an original farm stand, a fully heated four-season greenhouse, and a two-car garage featuring a sizable walk-in fridge. The storefront itself is a turnkey, full-service florist and garden center. This property is ideal for any small business owner or anyone expanding their current business to a new location.

28 Water Street East Providence, RI, $3.25 million
Sales Associate Patrick Murray, RPL South County

With a fabulous waterfront location where the Seekonk River flows into the Providence Harbor, this property’s Bold Point Harbor (BPH) Zoning allows for a mixed-use, high-density area of commercial, office, retail, and high-density multi-family residential uses. Hospitality uses include hotels and lodging, cafes, restaurants, bars, and entertainment venues. Its four levels of unique space, an updated 72 slip marina, and 1.12 acres of land with 56 off-street parking spaces creates an amazing site for a seaside attraction.

RPL President & CEO Sally Lapides remarked at the year’s impressive successes in the commercial realm, noting its critical role in the company’s continued evolution. “With unwavering commitment to excellence, RPL Commercial has risen to new heights, creating an eminently successful counterpart to our residential real estate business. As Residential Properties expands the commercial side of our operations, we will remain dedicated to the same values and community-minded service that propelled the company to the top. We now embark upon new opportunities to redefine success in the commercial real estate landscape, marking our next chapter of innovation, integrity, and industry leadership.” 

*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of September 2023.