Champlin’s Marina sells for $19 million

Champlin’s Marina and Resort was sold for $19 million in late December. Longtime owner Joseph Grillo, who bought the marina in 1986 under the entity name Champlin’s Realty Associates Limited Partnership, has sold the property to Great Salt Pond Marina Property, LLC of 1140 Reservoir Ave, Cranston RI – an entity formed under the umbrella of the Procaccianti Companies. The transaction took place on December 23.
On its website, Procaccianti describes itself as: “one of the largest and most sophisticated privately-held real estate investment and management companies in the United States.”
“Champlin’s Hotel, Marina and Resort on Block Island is a remarkable destination located in one of the highest barriers to entry markets in all of North America,” said James Procaccianti, President and Chief Executive Officer of Procaccianti Companies in a statement to The Times. “Opportunities to own and operate heirloom-quality, historic properties like Champlin’s are extremely rare and we feel privileged to be the new custodians of this tremendous property that has welcomed guests to Block Island for decades. We look forward to becoming an integral part of the Block Island experience and worthy partners within the Block Island community. We are currently completing our property improvement

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