REBusinessOnline

Bally’s Divests of Two Rhode Island Casino Resorts to GLPI in $1B Sale-Leaseback Transaction

LINCOLN AND TIVERTON, R.I. — Bally’s Corp. (NYSE: BALY) has agreed to sell two of its casino resorts in Rhode Island to an affiliate of Gaming & Leisure Properties Inc. (NASDAQ: GLPI) for $1 billion.The properties in question are Bally’s Twin River Lincoln Casino Resort in Lincoln and Bally’s Tiverton Casino & Resort in Tiverton. A timeline for the closing of the sale-leaseback deal was not disclosed.Under the terms of the agreement, Rhode Island-based Bally’s will …

Bozzuto Begins Leasing 249-Unit Apartment Community in Providence, Rhode Island

PROVIDENCE, R.I. — Bozzuto, a developer focused on East Coast markets, has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the …

Pebblebrook Hotel Trust Acquires Gurney’s Newport Resort & Marina in Rhode Island for $174M

NEWPORT, R.I. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired Gurney’s Newport Resort & Marina, a 10-acre waterside resort located on Narragansett Bay in Rhode Island, for $174 million. The 257-room hotel is located on Goat Island in Newport and features unobstructed views of Newport Harbor and the Newport Bridge. The hotel grounds include a historic lighthouse; 3,000-square-foot spa; coffee shop; 3,200-square-foot waterside pavilion; resort-style swimming pool with cabanas; …

CBRE Brokers $37M Sale of Apartment Community in Middletown, Rhode Island

MIDDLETOWN, R.I. — CBRE has brokered the $37 million sale of Northgate Apartments, a 179-unit multifamily complex in Middletown. Built in phases between 1969 and 1972, the property offers one-, two- and three-bedroom units with an average size of 888 square feet. Amenities include a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Eden Properties, in the transaction. The team also procured …

Wilder, TA Realty Acquire Shopping Center Portfolio in Massachusetts, Rhode Island, for $390M

BOSTON — A partnership between two Boston-based firms, Wilder Cos. and TA Realty, has acquired a portfolio of nine grocery-anchored shopping centers totaling 729,437 square feet for $390 million. Eight of the properties are located in Massachusetts, and one is located in Rhode Island. At the time of sale, the portfolio was 95 percent leased, with grocers such as Whole Foods Market, Shaw’s, Star Market and Dave’s Fresh Marketplace serving as anchor tenants. Robert Griffin, Geoffrey …

Newmark Negotiates $7.1M Sale of Medical Office Building in Lincoln, Rhode Island

LINCOLN, R.I. — Newmark has negotiated the $7.1 million sale of a 40,037-square-foot medical office building in Lincoln, Rhode Island. At the time of sale, the recently renovated property was fully leased to tenants such as engineering firm BETA and cancer clinic LifeSpan. Michael Greeley, Joseph Alvarado and George Demoulas of Newmark represented the seller, a locally based affiliate of Blackstone, in the transaction. Boston-based Legacy Capital Ventures purchased the

Capital Group Properties Buys 160,000 SF Shopping Center in Warwick, Rhode Island

WARWICK, R.I. — Massachusetts-based investment firm Capital Group Properties has purchased Warwick Center, a 160,000-square-foot retail center in Rhode Island. The property sits on 15 acres at the intersection of Interstates 95 and 295 and houses tenants such as Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties purchased the asset from institutional investment firm Nuveen Real Estate for $12.3 …

True Storage Completes 455-Unit Self-Storage Facility in Warwick, Rhode Island

WARWICK, R.I. — New Hampshire-based self-storage developer True Storage has completed a 455-unit facility in Warwick. All of the units feature climate-controlled space. CubeSmart manages the 60,000-square-foot property, which formerly served as a manufacturing facility for Interplex, a technology and engineering firm based in Singapore. True Storage purchased the property in September 2021 when Interplex

Marcus & Millichap Brokers Sale of 479,000 SF Industrial Property in Cumberland, Rhode Island

CUMBERLAND, R.I. — Marcus & Millichap has brokered the sale of a 479,000-square-foot industrial property in Cumberland, located north of Providence near the Massachusetts-Rhode Island border. The site previously housed the headquarters of locally based discount retailer Ann & Hope, which ceased operations in 2020. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Klein also …

Lument Provides $45.9M Loan to Refinance Seniors Housing Property in Rhode Island

EAST PROVIDENCE, R.I. ­— Lument has provided a $45.9 million FHA loan for the refinancing of Tockwotton on the Waterfront, a 156-unit seniors housing property in East Providence. Nonprofit organization Tockwotton Home Inc. owns and operates the facility, which consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. Aaron Becker of Lument originated the loan, which was structured with a fixed interest rate and a 35-year

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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