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Rhode Island

100-Technology-Way-Smithfield-Rhode-Island
Leasing ActivityLife SciencesNortheastRhode Island

Organogenesis Signs 123,000 SF Life Sciences Lease in Smithfield, Rhode Island

by Taylor Williams

SMITHFIELD, R.I. — Organogenesis Holdings Inc., a provider of regenerative medicines, has signed a 123,000-square-foot life sciences lease in Smithfield, a northwestern suburb of Providence. Organogenesis will occupy the entirety of the biomanufacturing facility at 100 Technology Way. Robert Coughlin and Bobby Jangro of JLL represented the tenant in the lease negotiations. Mark Winters and Tyler McGrail of Newmark represented the landlord, The Davis Cos., which bought the property in February 2023.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNortheastRhode Island

BLVD Group Buys Rhode Island Apartment Community for $57M, Plans Repositioning

by Taylor Williams

WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.

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AcquisitionsNortheastRetailRhode Island

Encore Enterprises, AmCap Acquire 152,595 SF Shopping Center in Warwick, Rhode Island

by Taylor Williams

WARWICK, R.I. — A joint venture between Dallas-based investment firm Encore Enterprises and Connecticut-based AmCap Management has acquired Cowesett Corners, a 152,595-square-foot shopping center in Warwick, located just south of Providence. Grocer Stop & Shop anchors the center, which is also home to tenants such as PetCo, Five Below, Sally Beauty, GameStop and Oak Street Health. The center’s food-and-beverage component encompasses Five Guys Burgers & Fries, Applebee’s, Moe’s Southwest Grill and New Asia House. The seller and sales price were not disclosed.

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Dyer-Wharf-Providence
DevelopmentMultifamilyNortheastRhode Island

I-195 District Unveils Plans for Multifamily Project in Downtown Providence

by Taylor Williams

PROVIDENCE, R.I. — The I-195 Redevelopment District Commission has unveiled plans for Dyer Wharf, a 214-unit multifamily project in downtown Providence. Developed as part of a broader initiative to revitalize the state capital’s riverfront district, Dyer Wharf will be a 12-story building that will offer amenities such as a communal lounge, kitchen, fitness center, and coworking area, as well as ground-floor retail space. SGA has been named as the project architect, and Consigli Construction has been tapped as the general contractor. Completion is slated for late 2027.

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Leasing ActivityNortheastRestaurantRetailRhode Island

Marsella Development Opens $25M Food Hall in Downtown Providence

by Taylor Williams

PROVIDENCE, R.I. — Marsella Development Corp. has opened Track 15, a $25 million, 18,000-square-foot food hall that is situated within the historic Union Station building in downtown Providence. Vendors include Little Chaska, Tolia, Dune Brothers, Dolores, There There, Giusto PVD and Mother Pizzeria PVD. The development also features indoor and outdoor seating for roughly 600 people, an entertainment venue and a 10,000-square-foot plaza. Rhode Island-based architecture firm Vision3 designed the food hall.

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Leasing ActivityNortheastRetailRhode Island

Urban Air Adventure Park Opens Entertainment Venue in Warwick, Rhode Island

by Taylor Williams

WARWICK, R.I. — Urban Air Adventure Park, an entertainment concept centered on trampolines, has opened a new entertainment venue in Warwick, just south of Providence. The space is located within Cowesett Corners Shopping Center, a grocery-anchored power center, and features climbing walls, obstacle courses and bumper cars. The square footage of the space was not disclosed.

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Providence-Art-&-Design-Center
DevelopmentMixed-UseNortheastRhode Island

Joint Venture to Undertake 1.5-Acre Redevelopment Project in Downtown Providence

by Taylor Williams

PROVIDENCE, R.I. — A joint venture between Boston-based Ionic Development Co. and local architecture firm Wade Keating will undertake a 1.5-acre redevelopment project in downtown Providence. The I-195 Redevelopment District Commission selected the joint venture, which is doing business as Design Center Partners LLC, to transform Parcel 5, located on the east side of the Providence River, into the Providence Art & Design Center. Plans for the site call for 150 apartments and 25 condominiums, as well as a 30,000-square-foot hub for arts, entertainment and retail uses. Tenants in those arenas that have already expressed interest in the project include jewelry and accessories retailer Air & Anchor; DesignxRI, which is an incubator and support network for the local design community; porcelain dinnerware provider Myrth; and restaurant Angel’s Kitchen.

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Go-Store-It-Pawtucket-Rhode-Island
AcquisitionsIndustrialNortheastRhode IslandSelf-Storage

JLL Arranges Sale of Two Self-Storage Facilities Totaling 721 Units in Rhode Island

by Taylor Williams

EAST PROVIDENCE AND HOPE VALLEY, R.I. — JLL has arranged the sale of two self-storage facilitiestotaling 721 units in Rhode Island that are operated under the Go Store It brand. The properties are located at 3346 Pawtucket Ave. in East Providence and 1115 Main St. in Hope Valley and offer climate- and non-climate-controlled space. Matthew Wheeler, Adam Roossien, Brian Somoza and Steve Mellon of JLL represented the seller, a partnership between Madison Capital Group and affiliates of Cerberus Capital Management, in the transaction. Griffin Guthneck, also with JLL, led a team that arranged an undisclosed amount of acquisition financing for the purchase, which was part of a larger, 2,327-unit portfolio deal that included three facilities in Houston. The buyer was not disclosed.

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AcquisitionsConnecticutNet LeaseNortheastRetailRhode Island

Kempner Properties Buys Connecticut, Rhode Island Shopping Center Portfolio for $30.8M

by Taylor Williams

WHITE PLAINS, N.Y. — Kempner Properties, an investment firm based in the New York City area, has purchased a portfolio of six shopping centers totaling 126,299 square feet in Connecticut and Rhode Island for $30.8 million. The Connecticut centers are located in Avon, Milford, Norwalk, Wallingford and Orange, while the Rhode Island center is located in Warwick. Town Fair Tire anchors the centers and accounts for 40 percent of the portfolio’s gross leasable space. Jeffrey Winokur of JH Winokur Inc. represented the seller, the estate of Town Fair Tire founder Neil Mellen, in the transaction. The portfolio was 92 percent leased at the time of sale.

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Tiffany-Laurel-Reserve-Providence
AcquisitionsDevelopmentMultifamilyNortheastRhode IslandSeniors Housing

LRT Acquires Land in Providence for Development of $65M Seniors Housing Project

by Taylor Williams

PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.

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