REBusinessOnline

Gotham Greens Opens 100,000 SF Greenhouse in Providence, Rhode Island

PROVIDENCE, R.I. — Brooklyn-based agricultural company Gotham Greens has opened a 100,000-square-foot greenhouse in Providence. The project is located along the Woonasquatucket River, at the site of a former General Electric lighting factory. The new urban farm will provide fresh produce to local restaurants and grocery stores, including Whole Foods Market, and will host educational programming about sustainable agriculture. Gotham Greens expects to create approximately 60 full-time jobs in …

Fortuitous Partners Plans $400M Sports-Anchored Project in Rhode Island

PAWTUCKET, R.I. — Fortuitous Partners has unveiled plans for Tidewater Landing, a $400 million mixed-use development along Pawtucket’s waterfront. The project will include office, residential and hotel space, as well as a 7,500-seat soccer stadium and sports complex for a future United Soccer League (USL) team. Fortuitous Partners will fund the project, while public investment from both the city and state will primarily focus on infrastructure and other non-stadium components of the …

CVS to Close 22 Stores in 2020

WOONSOCKET, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset …

JLL Arranges $55.7M Sale of Shopping Center in Lincoln, Rhode Island

LINCOLN, R.I. — JLL’s Retail Capital Markets team has arranged the sale of the Lincoln Commons shopping center in Lincoln for $55.7 million. The 578,000-square-foot property is located at the I-295 and Route 146 intersection, close to downtown Providence. Tenants include Stop & Shop, Target, Marshalls and Homegoods. The buyer was Acadia Realty Trust. The seller was not

Northeast Private Client Group Brokers $7.3M Sale of Rhode Island Apartments

PROVIDENCE, R.I. — Northeast Private Client Group (NPCG) has brokered the $7.3 million sale of Ambassador Apartments, a residential building in Providence that consists of 33 apartments and three single-family homes. The property is located near Brown University as well as the shops and restaurants of nearby Thayer Street. Tim McGeary of NPCG represented the seller, DiPrete Realty Investment, and procured the buyer, S.M.H. Grandview, both of which are based in Rhode Island. The deal closed at …

GMH, Wexford Open 270-Bed Student Housing Property in Providence

PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a …

Rhode Island — The Land of Hotels, Schools and Medical Properties

Thus far in 2019, much of the growth and development in Rhode Island has been focused on downtown Providence. Much of this has to do with the colleges and hospitals, as well as the residential component in general. But Rhode Island continues to develop hotels, especially in downtown, due in part simply to having a vibrant, in-demand city. Officials want to create the ability for Providence to compete for and attract top-tier conventions. [caption id="attachment_228950" align="alignright" …

Pharmaceutical Supplier Signs 32,025 SF Flex Lease in Smithfield, Rhode Island

SMITHFIELD, R.I. — High Purity New England Inc., a manufacturer and distributor of products for the pharmaceutical industry, has signed a 32,025-square-foot flex lease at Smithfield Office Center, about 15 miles northwest of Providence. Dan Cregan of CBRE represented High Purity New England in the lease negotiations. Alden Anderson, also of CBRE, represented the landlord, Thurber Properties LLC. Smithfield Office Center is a 38-acre, 180,000-square-foot campus located off Route 7 at the …

Sweeney Real Estate Orchestrates $1M Sale of Industrial Facility in Providence

PROVIDENCE, R.I. — Sweeney Real Estate has arranged the $1 million sale of an industrial facility in Providence. Located at 382-420 and 780 Harris Ave., the 21,649-square-foot property is located on nearly one acre. Thomas Sweeney, of Sweeney Real Estate represented the buyer, Partial Research Group LLC, in the transaction. Jim DeRentis of Residential Properties represented the seller, Bone House

CBRE Brokers $6.9M Sale of Industrial Facility in Rhode Island

CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area. Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility …

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