Cumberland office building, occupied by CVS, sells for $2.9M

CUMBERLAND – A 30,000-square-foot office building, with CVS Health Corp. as its sole tenant, was recently sold for $2.9 million, according to Sweeney Real Estate & Appraisal, which represented the sellers and the buyers in the transaction.

The two-story building, located at 100 Highland Corporate Drive, was constructed in 2000 on a 7.25-acre lot, according to online town property assessment records. It is home to the CVS Health Supply Chain Logistics Support Center. The property is located within Cumberland’s Highland Corporate Park, which has direct access to Route 99.

Thomas Sweeney, president and principal of Sweeney Real Estate & Appraisal, who personally represented the sellers, said the site generated a lot of interest.

The office building property was sold by JDS Lot 1 LLC to G3 100 Highland LLC, a limited liability company that was recently established in Rhode Island. According to its articles of organization filed with the secretary of state, the principal office for G3 100 Highland LLC is 1300 Pontiac Ave. in Cranston, which is the Tasca Automotive Group, although managers of the company are not personally listed in the filings.

JDS Lot 1 LLC is a longtime lessor of nonresidential properties in Rhode Island, headed by Jordan Stone, principal of the East Providence-based Peregrine Group LLC, and David Sluter, founder of New England Construction Co. and managing partner behind Bourne Avenue Capital Partners.

A small description of the 100 Highland Corporate Drive property on the Bourne Avenue Capital Partners website states that the building was Sluter’s first investment in commercial office property.

The brick building was last valued by Cumberland assessors in 2021 to be worth $4.51 million, according to public records kept online by the town.

JDS Lot 1 LLC originally bought the property for $260,000 in May 2000 from the Woonsocket Industrial Development Corp. and the Blackstone Valley Development Foundation.