Narragansett, RI – December 2, 2021 – Lila Delman Compass continues to lead South County’s commercial real estate market with the sale of 165 Dean Knauss for $1,650,000. Gregory Arakelian, Lila Delman’s Commercial Director and Residential Sales Associate, represented the seller and facilitated for the buyer. According to data maintained by the Rhode Island Multiple Listing Service, this transaction marks the top light industrial sale in the history of Narragansett.* In March of 2021 Arakelian sold the Narragansett Pier Marketplace for $1,800,000 which was Narragansett’s highest marketed commercial sale in 15 years.
Conveniently located in northern Narragansett, with ease of access to all directions, and neighboring the URI Bay Campus, this pristine limited industrial building comprised of 8 units, 5 with overhead doors, is 85% occupied, and is a lucrative opportunity for either an investor or end-user. Tenants consist of research and development, consulting groups, and storage and export, and spaces include high efficiency hvac, private bathroom, optional mezzanine, and designated parking. Within 2 miles from route 1 North / South and a quarter mile from the ocean, this 11,431 SF building on 1.28 acres is ideally located and privately set at the end of a secure street.
Gregory Arakelian is a resource for premium commercial property in RI, having participated in 3 of the top 4 commercial sales in Narragansett over the last five years. Arakelian is also responsible for the highest commercial sale in the history of the current RI MLS system with the sale of the reimagined Wayfinder Hotel Newport for $14,340,000.* Arakelian’s energy, knowledge, experience, and success have been recognized by National companies such as the CoStar Group, a leading provider of commercial real estate in the world, which named him a Power Broker in 2015, 2019 and 2021. This award recognizes distinguished professionals in commercial real estate brokerage by analyzing their achievements within their respective markets.
* These representations are based on information provided by the RI Statewide MLS for the period of January 01, 2006 – December 2, 2021. 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.