Rhode Island

EAST GREENWICH, R.I. — JLL has brokered the sale of East Greenwich Plaza, a 158,709-square-foot shopping center in East Greenwich, located south of Providence. Situated on 20.5 acres and anchored by Dave’s Fresh Marketplace, the center was 97 percent leased at the time of sale. Other tenants include Le’s Isle Rose, Healthtrax, Bank Newport and McDonald’s. Chris Angelone, Bill Moylan, Zach Nitsche, Jessica Dowd and Sam Wiesman of JLL represented the undisclosed seller in the transaction and procured the buyer, a joint venture between Brand Street Properties and Regency Centers.

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BRISTOL, R.I. — Developer DXD Capital has completed a 750-unit self-storage facility in Bristol, about 20 miles south of Providence. Extra Space Storage will operate the facility at 180 Mount Hope Ave., which has a gross square footage of 88,620 square feet and a net rentable square footage of 61,600 square feet. In addition, the property’s design elements mimic those of New England townhomes. Jayeff served as the general contractor for the project, which was financed by Centreville Bank. DXD Capital acquired the site in November 2022.

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NEWPORT, R.I. — KSL Capital Partners has received a $72 million loan for the refinancing of Hotel Viking, a 208-room hospitality property located in the coastal Rhode Island city of Newport. The hotel offers an indoor pool, fitness center and more than 14,000 square feet of indoor and outdoor meeting and event space. A joint venture between Smith Hill Capital and Bain Capital provided the debt.

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Stop&Shop

QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year.  Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company.  “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop.  The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …

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MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island.  Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …

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NORTH KINGSTOWN, R.I. — CBRE has brokered the sale of Mill Creek Townhomes, a 140-unit apartment complex located south of Providence in North Kingstown. Built in 1968 and expanded in 2006, the property offers two-, three- and four-bedroom units with an average size of 1,126 square feet on a 47-acre site. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Massachusetts-based investment firm The Grossman Cos., in the transaction. The team also procured the buyer, Landings Real Estate Group, a private investment group based in Newport, R.I.

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WARWICK, R.I. — A joint venture between Boston-based Sendero Capital and alternative asset manager Angelo Gordon has purchased a 30,000-square-foot medical office building in Warwick, located just south of Providence. Neurology practice NeuroHealth serves as the building’s anchor tenant, occupying about 40 percent of the space, with the remainder fully leased to three different tenants. Mindy Berman, Anthony Sardo and Landon Weaver of JLL represented the joint venture in the transaction.

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ANNAPOLIS, MD. — Annapolis, Md.-based investment firm Realterm has acquired three industrial outdoor storage sites totaling 24.8 acres in the Northeast. The sites are located in the metro areas of Boston, Providence and Philadelphia and are all utilized as truck terminals, with a combined capacity to support 163 such vehicles. Realterm acquired the sites from logistics giant Yellow Corp. as part of its Chapter 11 bankruptcy proceedings. The sales price(s) was not disclosed.

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WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged a $3.3 million bridge loan for a 210-unit multifamily project in Warwick, located just south of Providence. The site currently serves as a parking lot, and the borrower, Skydra Development, plans to construct a four-story building with one-, two- and three-bedroom units. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender on behalf of Skydra Development.

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PROVIDENCE, R.I. — Entertainment concept Level99 has opened a new, 40,000-square-foot venue at Providence Place, a shopping mall located just northwest of the capital city’s downtown area. Comprising 43 rooms, the facility offers interactive challenges as well as a restaurant, Night Shift Brewing Kitchen & Tap. Investment fund Act III Holdings, led by Panera Bread founder Ron Shaich, backs Level99. Brookfield Properties owns Providence Place.

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