A New Hampshire real estate development firm on Thursday won a bidding war for the former American Tourister Mill, offering $2.6 million for the sprawling waterfront property during a receivership hearing held in Rhode Island Superior Court.
The bid by developers Brady Sullivan LLC beats two others submitted by Bristol Marine, a Bristol-based marine trades and properties company, after the mill’s owner, MMF Realty, went into receivership last year. State-appointed receiver Rick Land went to court Thursday to recommend Bristol Marine’s $1.25 million bid offer. During the hearing Bristol Marine increased its offer to $2.5 million after Brady Sullivan expressed interest. However, it was not enough and Judge Michael Silverstein accepted Brady Sullivan’s $2.6 million bid.
“It’s a significant thing,” said Warren Town Solicitor Anthony DeSisto, who attended Thursday’s hearing. “It’s not as if the property was sold today. The bid was accepted, but it will proceed to a closing.”
Brady Sullivan is a Manchester, N.H.-based property development firm that specializes in the revitalization of old mill buildings into residential units. It has redeveloped several mills in Rhode Island, including Slater Cotton Mill in Pawtucket, the Pocasset Mill in Johnston and Grant Mill in Providence. By contrast, Bristol Marine planned to change little at the mill, which has 1,400 feet of Warren River frontage. President Andy Tyska said the firm would continue to act as a landlord for the tenants that rent space in the mill, and would use much of the space for marine-related trades.