Paolino Properties Announces Sale of Tesla-Leased Property for $14M
GoLocalProv Business Team
Paolino Properties Announces Sale of Tesla-Leased Property for $14M
Paolino Properties announced the sale of its property located at 333 Adelaide Avenue (also known as 77 Reservoir Avenue) in Providence, Rhode Island, for a purchase price of $14,037,910.
The property, which is fully leased to Tesla, Inc., according to Paolino Properties, "has been a key component in the ongoing revitalization of Providence’s South End. Since Tesla’s arrival, the site has served as both a commercial anchor and a symbol of innovation within the neighborhood."
The buyer, MDC Coast 25, LLC, acquired the asset "as part of its continued investment in high-quality, net-leased properties nationwide. The transaction closed following a competitive process and strong investor interest, reflecting the strength of the tenancy and the property’s strategic location," said Paolino.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Bringing Tesla to the South End was something I am incredibly proud of,” said Joseph R. Paolino, Jr., CEO and Managing Partner of Paolino Properties. “At the time, we saw an opportunity not just to lease a building, but to help catalyze a new chapter for the neighborhood. Tesla’s presence has brought energy, visibility, and meaningful reinvestment to the area. It’s been exciting to watch that momentum build.”
Paolino Properties repositioned the property to attract a forward-thinking tenant that could serve as a long-term catalyst for growth. Tesla’s occupancy has contributed to increased activity along the Reservoir Avenue corridor and reinforced the South End’s evolution as a dynamic commercial district.
“When we acquired the property, it was vacant and largely forgotten,” Paolino added. “We made a meaningful investment to bring it back to life, guided by a simple principle: leave every property better than we found it."
The transaction underscores Paolino Properties’ broader strategy of curating impactful tenants and creating long-term value through thoughtful real estate development and stewardship across Rhode Island, said the company.
About Paolino Properties
Paolino Properties is a fourth-generation, family-owned and operated real estate investment,
development, and management company. Led by Managing Partner Joseph R. Paolino Jr.,
Paolino Properties is one of the largest family-owned commercial real estate companies in New
England manages over 40 properties at a total of nearly 3 million square feet. With a diverse
portfolio of retail, commercial, residential, and hospitality properties, the company has
experience in partnering with a wide-ranging client base in Providence and beyond. In addition
to 100 Westminster Street, a Class A office building where the company is headquartered and
which is a part of the iconic Providence skyline, Paolino Properties owns The Beatrice hotel and
a variety of Class A and Class B commercial properties, retail shopping centers, high-end
residential developments, a world-class marina in Newport, and more than 1,000 parking spaces
within the city of Providence.