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Got moxie for Hoxsie (Four Corners)? NY investor does

August 24, 2011

Warwick Mayor Scott Avedisian is trumpeting a property sale in that city as a Rhode Island record for price-per-square foot:

[T]he sale of a plaza at the intersection of Warwick Avenue and Airport Road (locally known as Hoxsie Four Corners) has set a Rhode Island record for sale price per square foot of property according to various real estate brokers. Brian Bucci, a Warwick native with substantial real estate holdings throughout Rhode Island and North Carolina, is the managing member of Hoxsie Properties.

A New Yorkinvestor purchased the property for just under $3.1 million, or $481.25 per square foot. The three current tenants will continue to operate under the terms of existing leases, [lawyer Joe] Shekarchi said. The sale was financed in part by Washington Trust, a bank established inRhode Island more than 200 years ago, which also recently constructed two new full service locations in Warwick.

Shekarchi noted that the property, in addition to setting a Rhode Island record, sold at “a substantial premium, to the current market, with no tax incentives and no special deals. It’s a sign that city government is doing well, and continuing to attract investors and businesses to the community.”

“The buyer purchases real estate throughout the country, and chose the City of Warwick to make his latest investment,” Shekarchi said. “This is a sign that the commercial real estate market has begun to turn the corner inRhode Island, and particularly, inWarwick. It’s a good shot in the arm for the market.” 

“This is another positive development for Warwick, and sends a good message to other investors,” Avedisian said. “The $12,300 in tax stamps that the city has received is a welcome addition in City revenue as well.”

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