WOONSOCKET, R.I. — A partnership between Atlanta-based developer The Ardent Cos. and Ironwood Development Partners has completed a 913-unit self-storage facility in Woonsocket, located along the Massachusetts-Rhode Island border. The site is a former brownfield at 153 Hamlet Ave. that was remediated prior to the start of construction. Extra Space Storage operates the facility, which spans approximately 80,000 square feet, though it is unclear if that figure refers to gross or net rentable square footage. A formal opening ceremony took place in late summer.
WOONSOCKET, R.I. — Woonsocket-based CVS Health (NYSE: CVS) has unveiled plans to separate into two independent, publicly traded companies. A healthcare solutions company will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. In the interim, this company will be referred to as “CVS Health.” Founded in 2012, Oak Street Health offers clinics for older adults across 27 states. The national retail pharmacy and community healthcare company will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business. This company will be named “CVS Pharmacy.” Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be the chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will be the CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date. “Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access and a simpler experience,” says Joyner. “Over the last two years, we have made meaningful progress: We built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise and drove …
RUMFORD, R.I. — Lee & Associates has arranged a $5 million acquisition loan for a 13,000-square-foot retail strip center in Rumford, located northeast of Providence. First Tech Federal Credit Union provided the nonrecourse loan, which was structured with a sub-6 percent interest rate and a 30-year amortization schedule. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt on behalf of the borrower, Kempner Properties, which acquired the center via a 1031 exchange.
WARWICK, R.I. — Regional brokerage firm Atlantic Capital Partners has negotiated the $20.5 million sale of Midland Commons, a 160,448-square-foot shopping center located just south of Providence in Warwick. Tenants at the 23.2-acre center include Dick’s Sporting Goods, Burlington and Planet Fitness. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin, Stephen Joseph, Stephen Hassenflu and Matt Ericson of Atlantic Capital Partners represented the seller and the buyer in the transaction. Both parties requested anonymity.
PAWTUCKET, R.I. — New York City-based Global Asset Management Group (GNAM) is underway on the $92 million redevelopment of the 386,404-square-foot former Memorial Hospital campus in Pawtucket, located just north of Providence. Plans currently call for approximately 200 residential units, including both market-rate and affordable multifamily units, as well as dedicated veteran housing and support services. The redevelopment will also introduce retail and restaurant uses to the campus in addition to new healthcare and wellness facilities. GNAM acquired the property for $12 million and projects about $45 million in construction and redevelopment costs, not inclusive of additional soft costs. A timeline for completion was not announced.
PROVIDENCE, R.I. — A partnership between Syracuse-based Pyramid Management Group, Paolino Properties and DW Partners has agreed to acquire Providence Place Mall, a 1.4 million-square-foot lifestyle center, for $133 million. The 13.2-acre property has been in court-ordered receivership for multiple years following a loan default by the previous owner, Brookfield Properties. Tenants at Providence Place include Dave & Buster’s, Abercrombie & Fitch, American Eagle, Aldo, Apple, Bath & Body Works, Brooks Brothers, Champs Sports, Cyclebar, DSW, Five Below and Garage. The new ownership plans to completes an ongoing repositioning program at the property.
PROVIDENCE, R.I. — Newmark has brokered the $68 million sale of a life sciences and biomanufacturing facility in Providence. The 122,507-square-foot facility at 100 Technology Way was originally developed in 1993 and was fully leased at the time of sale to Organogenesis (NASDAQ: ORGO), a provider of regenerative medicine solutions. New York City-based investment firm Lightstone acquired the property from local owner-operator The Davis Cos. Robert Griffin, Jim Tribble, Samantha Hallowell, Tyler McGrail and William Sleeper of Newmark brokered the deal. The property is currently in the midst of a $100 million capital improvement program.
NORTH KINGSTOWN, R.I. — Cold-Link Logistics, a South Florida-based operator of cold storage facilities, is underway on construction of a 65,000-square-foot expansion project at its facility in North Kingstown, located south of Providence. The expansion will add freezer space and will increase the building’s total footprint to 129,000 square feet. In addition, the project will add 13,500 pallet positions, three new loading docks and a new fire protection system. Completion is scheduled for early 2027.
PROVIDENCE, R.I. — FM, a Rhode Island-based commercial property insurer, has acquired 10 Memorial Boulevard, an office building in downtown Providence. According to LoopNet Inc., the 10-story building was constructed in 2006 and totals 290,000 square feet. Amenities include a fitness center and an onsite restaurant, per LoopNet. FM plans to occupy a portion of the space. The seller and sales price were not disclosed.
PROVIDENCE, R.I. — Audubon Capital Partners, a real estate private equity firm, has purchased a portfolio of two multifamily properties totaling 151 units in Providence. Both Chestnut Commons (92 units) and 95 Lofts (59 units) are located in the downtown area on adjacent sites. Chestnut Commons was built in 2020 and offers one-, two- and three-bedroom units with an average size of 774 square feet, while 95 Lofts was completed in 2017 and features studio, one- and two-bedroom floor plans with an average size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the sellers, represented the sellers, two partnerships led by Waldorf Capital Management, in the transaction.
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