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Cornish, Nordblom, Boston Andes Open $54M Nightingale Apartments in Providence

PROVIDENCE, R.I. — A development team consisting of Cornish Associates, New England-area developer Nordblom Co. and Boston Andes Capital LLC has opened Nightingale Apartments, a $54 million multifamily community in downtown Providence. The property features 143 units in studio, one- and two-bedroom formats and ranging in size from 500 to 1,200 square feet and 11,500 square feet of ground-floor retail space. Amenities include a fitness center, coworking space, resident lounge and an elevated …

CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company's net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket, Rhode Island-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share on …

Tryko Partners Acquires Skilled Nursing Facility in North Providence for $14.5M

NORTH PROVIDENCE, R.I. — Tryko Partners has acquired Hopkins Manor, a 200-bed skilled nursing facility in North Providence, for $14.5 million. Located on four acres at 610 Smithfield Road, the property provides short-term rehabilitation, long-term, Alzheimer’s and dementia care services, as well as hospice and respite services. Tryko will invest $5 million to renovate the facility, which will be renamed Lincolnwood Rehabilitation & Healthcare

ESI Brokers Sale of 57-Bed Skilled Nursing Facility in Providence, Rhode Island

PROVIDENCE, R.I. — Evans Senior Investments (ESI) has brokered the $4.3 million sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. The property was constructed in 1962. The seller, an East Coast-based owner-operator, initially acquired the asset  with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines, the owner decided to exit the property through a sale at …

Eastie Realty Purchases Medical Office Building in Providence, Rhode Island, for $3.5M

PROVIDENCE, R.I. — Eastie Realty LLC, a Boston-based investment firm, has purchased a 13,818-square-foot medical office building in Providence for $3.5 million. Located at 111 Plain St., the property is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System. The building is also located near Hasbro Children's Hospital, Women & Infants Hospital and Brown University’s medical campus. Joseph Alvarado, George Deoulas and Casey Valente of Newmark Knight Frank …

CVS Health to Hire 50,000 Employees in Response to Coronavirus Outbreak

WOONSOCKET, R.I. — CVS Health plans to immediately hire 50,000 full-time, part-time and temporary employees across the country in response to healthcare needs generated by the coronavirus outbreak. Roles include store associates, home delivery drivers, distribution center employees and customer service professionals. The Rhode Island-based pharmacy and retail giant operates approximately 6,200 stores across 43 states. The company has also temporarily waived charges for home delivery of …

WS Development Acquires 530,000 Garden City Center Retail Property in Cranston, Rhode Island

CRANSTON, R.I. — WS Development has acquired Garden City Center, a 530,000-square-foot retail property in Cranston, a southern suburb of Providence. Whole Foods Market anchors the retail center, along with Starbucks, Crate & Barrel, Pottery Barn and other tenants. Robert Griffin, Geoffrey Millerd and Justin Smith led a Newmark Knight Frank team that represented the seller, a public pension fund advised by TA Realty

Edgewood Group Acquires 42-Unit Multifamily Property in North Providence, Rhode Island

NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was

CBRE Brokers $20.4M Sale of Multifamily Property in Portsmouth, Rhode Island

PORTSMOUTH, R.I. — CBRE has brokered the $20.4 million sale of Bay View Estates, a 130-unit multifamily community in Portsmouth, located approximately 20 miles southeast of Providence. Bay View Estates comprises 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building and 23 direct-access units in a terrace building. Floor plans include a mix of studio, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Amenities include a …

Marcus & Millichap Arranges Sale of 458-Unit Self-Storage Facility in Central Falls, Rhode Island

CENTRAL FALLS, R.I. — Marcus & Millichap has arranged the sale of RI Self Storage, a 458-unit facility in Central Falls, a northern suburb of Providence. Located at 817 Dexter St., the facility comprises 316 climate-controlled units, 142 non-climate-controlled units and three office and warehouse spaces totaling 37,826 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed private investor. Nathan Coe and …

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