CRANSTON – A 9,350-square-foot industrial warehouse building with nearly 2 acres of land recently sold for $650,000, according to Sweeney Real Estate & Appraisal, which brokered the transaction.
The 1420 Elmwood Ave. building, constructed in 1935, was previously the longtime home of third-generation, family-owned jewelry manufacturer and wholesaler Gem-Craft Inc.
The sale comes after Gem-Craft announced its permanent closure in October after 79 years in business. The company, renowned for its costume jewelry, was established in 1945 by Gene Verri.
The building contains a 1,200-square-foot office, according to property records.
In addition to the 9,350 square feet of functional living space, the building features a 9,100-square-foot unfinished basement, according to property records.
The property also contains 6,000 square feet of paved asphalt for parking, according to property records.
According to the city’s online property tax evaluation database, the property was most recently valued by Cranston assessors in 2023 as being worth $451,900, with half of that attributed to the site’s 1.98 acres of land.
According to the warranty deed, a public record of the sale, the brick warehouse was sold by DiSano Realty LLC, which is based in Cranston.
The building was purchased by P&P Realty and HSM Investments LLC, which are both based at 152 East Hill Ave. in Cranston.
P&P Realty is headed by Manager Jimme Lim, while HSM Investments is affiliated with Henry Lim, according to corporate records filed with the R.I. Department of State.