"It's an unbelievable property," says NAI Hunneman Commercial Co. VP Jonathan Aron, who joined Hunneman EVP Robert Tito in brokering the off-market transaction between High Rock and the seller, Inland Real Estate Exchange. Besides being an "absolute net-leased" asset thanks to the full-building commitment by Bank of America that runs for another six years, Aron says 111 Westminster St. should benefit from Providence's continued growth and its prominence as the tallest building in Rhode Island at 458 feet tall. Constructed in 1927, the 350,000-sf building previously served as the corporate headquarters of the Fleet Bank Corp., which was bought out by Bank of America.

Aron credits his client and the buyer for navigating the difficult investment sales climate to follow through on the sale. "We thought it was a good fit for everybody," Aron says in assessing the outcome. High Rock principal David Sweetser did not respond to inquiries by press deadline, but Aron says he believes there is "great upside" in the deal for the new ownership, which paid about $100 per sf for the tower.

Sweetser is the founder of High Rock Development LLC, a Wellesley, MA-based company experienced in the retail arena. The group last summer launched a new investment fund targeting retail and niche assets. Prior to starting High Rock, Sweetser had been COO of Heritage Property Investment Trust, handling day-to-day operations for a REIT that controlled 32 million sf of shopping center space.