REBusinessOnline

Retail Business Services Breaks Ground on Distribution Facility in Rhode Island

NORTH KINGSTOWN, R.I. — Retail Business Services has broken ground on a 200,000-square-foot protein packaging and distribution facility in North Kingstown. Infinity Meat Solutions will occupy the facility, where it will handle beef, pork and prepared meats. Cargill Protein will manage the site’s operations and workforce. The facility is expected to bring approximately 700 jobs to North

Sweeney Real Estate Brokers $1.7M Sale of Industrial Building in Rhode Island

CRANSTON, R.I. — Sweeney Real Estate has brokered the $1.7 million sale of a 25,548-square-foot industrial building in Cranston. Located at 25 Slater Road inside the Howard Industrial Park, the property sits on nearly two acres. Thomas O. Sweeney and Kevin Casey of Sweeney Real Estate represented the seller, Alves Properties LLC, in the transaction. The buyer was G3 Slater Road

Montecito Purchases 68,500 SF Medical Office Building in East Providence, Rhode Island

EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was …

Sweeney Real Estate Arranges Sale of Mixed-Use Development Site in Pawtucket

PAWTUCKET, R.I. — Sweeney Real Estate & Appraisal has arranged the $925,000 sale of a mixed-use development site in Pawtucket. Thomas Sweeney of Sweeney Real Estate represented the seller, Ten Mile Associates LLC, in the transaction. The buyer was Churchill & Banks Cos. Located at 1110 Central Ave., the property is currently an 83,000-square-foot industrial facility with three

Boulder Group Brokers $3.2M Sale of Net-Leased 7-Eleven in Providence

PROVIDENCE, R.I. — The Boulder Group has brokered the $3.2 million sale of a net-leased 7-Eleven in Providence. The 2,958-square-foot property is located at 270 Broad St. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund, in the transaction. The buyer was an investment group based in Arizona. 7-Eleven is signed to the property through August of

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. …

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