PORTSMOUTH — A limited liability company (LLC) formed by a group of local investors and developers has purchased the 47,220-square-foot Hodges Badge manufacturing facility at 1170 East Main Road.
While Hodges Badge will remain in its current office space as tenants, the remaining 37,000 square feet will be available to lease to commercial/industrial tenants, the investment group, 1170 East Main Road, LLC, stated in a press release Wednesday.
Hodges Badge Company, a 99-year-old family-owned company that moved to Portsmouth from Boston in 1974, decided last year to close its Portsmouth plan and consolidate production at its Washington, MO. facility. The company is one of the biggest manufacturers of ribbons, rosettes, medals, presentation silver, sashes and buttons in the United States.
The investment group plans to lease the space in its entirety or subdivide units as necessary, based on need. This location adds to the inventory of available spaces throughout Rhode Island and Massachusetts owned by members of the group.
The LLC was formed by Nick King of Bristolite Real Estate, Kelley Collins of Collins Commercial Real Estate, and Walter Zaverucha of Commercial Masonry Corporation.
“I have lived on Aquidneck Island and been involved in commercial and industrial real estate for 20 years,” said Mr. King, a Portsmouth resident and majority owner of the group. “I always thought this was a great property in a great location. There aren’t many large, high-bay industrial buildings on the island and I believe we can bring good companies and jobs here.
“We are in talks with different types of groups ranging from office to light manufacturing. Interest has been high and we continue to look for good businesses to partner with.”
Ms. Collins, real estate broker and part owner, will work with parties interested in leasing space.
“This space offers something for businesses large and small and has a rich history of sustaining successful ventures,” she said. “We have the opportunity for space ranging from 10,000 to 37,000 square feet, priced competitively within the East Bay market and are excited at the potential to help tenants start their next chapter at 1170 East Main Road. We’ve seen a great deal of activity in recent weeks and are in discussions with potential tenants. We look forward to having tenants in place in the next few months and once again seeing this location operate at its full potential.”
Added Mr. Zaverucha, “The opportunity to bring new business to Rhode Island as part of a strong team of investors has been an exciting venture. I’m looking forward to continuing to support a project that will bring greater jobs and industry to Aquidneck Island.”
For more leasing information, contact Kelley Collins at Collins Commercial at 508/676-8500.