Updated February 23 at 11:56am
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3/27/08 09:09AM
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Palisades Mill Campus Press Release

After careful consideration, the Guarriello Family has decided to sell the Palisades Mill Complex, which they have owned and operated for more than 50 years. I want you to be among the first to know …

After careful consideration, the Guarriello Family has decided to sell the Palisades Mill Complex, which they have owned and operated for more than 50 years. I want you to be among the first to know of this decision. The Palisades Campus is a substantial property in the Town of South Kingstown and the eventual sale and use of this property has important effects on the entire Town.

Landmark Realty Group, LLC, in Wakefield, RI, has been chosen to market this property. I have been closely associated with this Mill for the past 40 years. Furthermore, because of my experience developing and managing a similar multi tenant property, The Wakefield Mill, I understand the needs and concerns of the neighborhood, the villages of Peace Dale and Wakefield, the tenants and the Town Government.

Presently, there are 14 small businesses occupying approximately 68% of the total building area, 228,000 sq. ft., on 13 acres of land with frontage on 3 streets. The Palisades Campus, with the Saugatucket River flowing through it, includes 13 historic buildings. According to the "Redevelopment Feasibility Analysis" prepared by Newport Collaborative Architects, Inc. in 2004, "The Peace Dale Mills, the largest industrial complex in South Kingstown, is significant architecturally and historically."

The property is listed on MLS (listing # 835695) for $11,800,000. The listing includes all building improvements on the 3 lots known as Plat 49-4, Lots 141, 153 and 172.

The current assessment is $7,170,000.00. The property tax currently is $104,000.

All showings and tours require 72 hour notice to tenants and the execution of a Confidentiality Agreement.

You are welcome to contact me at any time at the Landmark Realty Group office, 203 Main St., Wakefield, at 401-789-3100. Please know that every effort will be made by me to fully cooperate with you and your associates.

Sincerely,

Bruce E. Thunberg, Landmark Realty Group

203 Main St., Wakefield, RI 02879

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