REBusinessOnline

MCR Acquires Hilton Garden Inn at T.F. Green International Airport in Rhode Island

WARWICK, R.I. — MCR Development has acquired the Hilton Garden Inn Providence Airport/Warwick in Warwick. The price was not disclosed. The 160-room hotel opened in 2005 and is located at Rhode Island’s T.F. Green International Airport, which serves 4 million passengers annually. Amenities at the hotel include a fitness center, indoor pool, 24-hour convenience store, free airport shuttle and a connection to the Iron Works Tavern, a community bar housed in the historic 1867 R.I. Malleable …

Providence Retail Presents Signs of a Strengthening Economy

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant …

Out of the Box Ventures Acquires 300,000 SF Shopping Center in Rhode Island

WOONSOCKET, R.I. — Out of the Box Ventures, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket for an undisclosed price. The seller was undisclosed. The 300,000-square-foot shopping center is located at 1500 Diamond Hill Road and anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl. Other tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop and T-Mobile. Walnut Hill Plaza is the first acquisition in Rhode Island for …

E4H Begins $12.5M Renovation of Newport Hospital in Rhode Island

NEWPORT, R.I. — E4H Environments for Health Architecture has started a $12.5 million renovation on the emergency department of Newport Hospital in Newport. The five-phase renovation and expansion is slated for completion in September 2019. Once completed, the new 21,000-square-foot emergency department will provide 35 total treatment areas including a rapid treatment area with six exam rooms. Other features of the renovated emergency department will include an open reception desk and waiting …

Rhode Island’s Office Sector No Longer Tenant’s Market

The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. …

CBRE Brokers $3.4M Sale of Office Building in East Providence, Rhode Island

EAST PROVIDENCE, R.I. — CBRE New England has brokered the $3.4 million sale of a single-story, 50,664-square-foot office building in East Providence. Located on nearly eight acres at 20 Risho Ave., the property includes 283 parking spaces. John Cregan of CBRE represented the seller, the Maurice Mizrahi and Sophie Mizrahi Trust, in the transaction. Fox Paw Properties purchased the property. Currently two tenants occupy 13,164 square feet at the building. The buyer plans to renovate the …

CBRE Brokers $1.7M Sale of Medical Facility in Rhode Island

NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland

WinnCos., Omni Development Break Ground on $42M Redevelopment of Rhode Island Public Housing Community

PAWTUCKET, R.I. — WinnCos. and Omni Development Corp. have broken ground on a $42 million redevelopment of Prospect Heights Apartments, an affordable housing property in Pawtucket. Built in 1942, Prospect Heights qualified for Federal Historic Tax Credits after being placed on the National Register of Historic Places in December 2016. The project will rehabilitate 292 units spread across 35 buildings and add 20 new units of housing on the 21-acre site. A joint venture between WinnDevelopment …

HFF Negotiates Sale of 60,488 SF Shopping Center in Southern Rhode Island

RICHMOND, R.I. — HFF has negotiated the sale of 22 Kingstown Road, a 60,488-square-foot shopping center in Richmond. The property includes a Super Stop & Shop grocery store, Super Stop & Shop Fuel Center and a 5,000-square-foot Anytime Fitness. HFF represented the undisclosed seller in the transaction and procured the institutional buyer. The shopping center serves the surrounding communities of Narragansett, Block Island and

NKF Capital Markets Orchestrates $10.1M Sale of Newport Grand Casino in Rhode Island

NEWPORT, R.I. — NKF Capital Markets has orchestrated the sale of the Newport Grand Casino in Newport for $10.1 million. NKF represented the seller, Twin River Management Group, in the transaction. The buyer was Carpionato Group. Initially serving as an arena for jai alai, Newport Grand added slot machines in 1992 and was renovated in 2008 to add space for a full casino. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode …

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