Big real estate news on Bellevue Avenue! Bliss Properties has sold the Bellevue Gardens Shopping Center to the Procaccianti Group for $40 million.
“As we at Bliss Properties celebrate our 100th anniversary as a 4th-generation operated and owned company, it is bittersweet to announce the sale of The Bellevue Gardens Shopping Center in Newport,” said Gary Bliss Garabedian, President and CEO of Bliss Properties.
“The Bellevue Gardens Shopping Center has been a very special property in our family. My grandfather Lloyd Bliss developed the property in 1956 – his vision and talent for finding great locations was evident, as Newport was an up-and-coming naval town at the time. Lloyd’s vision included great service-based tenants at this prime location on the historic Bellevue Avenue.”
“Years later, my father Aram Garabedian became President of Bliss Properties, and was instrumental in creating the “gardens concept” – installing award-winning new landscaping and over 4,000 flowers with a new brick walkway.”
“Most recently, my sister and partner Lisa Garabedian Regan, President and CFO, and I have focused on creating a tenant mix with great synergy that would create one-stop shopping. We are extremely proud to have met our goal of 100% occupancy with an incredible assortment of tenants that serve the needs of Newport,” Garabedian continued.
“After an incredibly successful 60 years of ownership, we were approached to purchase the property by The Procaccianti Group, a Rhode Island-based real estate firm that shares our values and character, in addition to our love of the Newport community. It seemed like the perfect time, as we have met and exceeded the goals that our grandfather had envisioned more than half a century ago.”
“Thank you to all of our shoppers, neighbors, and tenants – many of whom have become close friends – for the past 65 years of support!”
Newport Buzz received the following comment from Procaccianti Companies:
“Bellevue Gardens is the primary retail center directly across from the International Tennis Hall of Fame located on one of the most iconic streets in the United States,” said Ralph V. Izzi, VP of Public Affairs for Procaccianti. “This rare opportunity aligns perfectly with our investment strategy which is to acquire high quality diverse real estate in high barrier to entry markets. We look forward to deploying our fully-integrated real estate management platform to service our tenants and overall operations at Bellevue Gardens.”
No word on future plans for the property other than focussing on the current retail operations.
Procaccianti Companies most recently acquired the Newport Beach Hotel & Suites across from Easton’s Beach and is one of the largest and most respected privately-held real estate investment and services firms in the United States. Founded in 1958, our successful track record spans over six decades and our experience includes thousands of transactions representing more than $10 billion of diversified real estate investments. They are a vertically integrated alternative asset manager with a broad national platform having owned, developed, managed or financed investment real estate in over 200 cities across 37 states.
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