In a landmark transaction, Joseph R. Paolino, Jr., CEO & Managing Partner of Paolino Properties, has announced the acquisition of 10 Weybosset Street in Providence, commonly known as the Amica Building, from Bliss Properties for $12 million. The sale was announced Tuesday alongside Gary Bliss Garabedian, President & CEO, and Lisa Garabedian Regan, President & CFO of Bliss Properties.
“Bliss Properties commemorates a century of family-owned business with the sale of 10 Weybosset Street to Paolino Properties,” expressed Gary Bliss Garabedian. “Our families’ intertwined history, spanning generations, has seen numerous property exchanges fueled by our shared passion for Providence. Notable among these transactions is the Case Mead building, a property passed from my grandfather to Joe’s grandfather and father.”
Bliss Properties, established in 1923, boasts a long-standing involvement in Providence’s real estate scene, with acquisitions including the Union Trust, Packet, and Department of Employment Security (DES) buildings. The decision to sell 10 Weybosset Street comes amidst a strategic outlook for expansion and growth.
“With confidence in Providence’s trajectory, our headquarters’ city for over half a century, we believe now is the opportune moment to pass the torch on 10 Weybosset Street,” stated Garabedian. “Under Paolino Properties’ stewardship, we anticipate continued prosperity for this iconic address. We extend our best wishes to Joe Paolino, a close friend, and are assured that the building rests in capable hands.”
The Amica Building presently accommodates esteemed commercial tenants such as Washington Trust, The Federal Bureau of Investigation, and Roberts, Carroll, Feldstein & Peirce. As this historic property changes hands, anticipation mounts for its future under Paolino Properties’ management.
This acquisition marks another chapter in the rich tapestry of Providence’s real estate history, highlighting the enduring legacy of family-owned enterprises in shaping the city’s landscape. As Bliss Properties looks ahead to its fifth generation of ownership, plans for expanding their retail shopping center portfolio both within Rhode Island and beyond underscore a commitment to continued growth and success.
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