Rhode Island

Fantini & Gorga Secures $7M in Financing for Boutique Hotel in Providence, Rhode Island

by David Cohen October 26, 2018

PROVIDENCE, R.I. — Fantini & Gorga has secured $7 million in permanent financing for The Dean, a 52-room, four-story boutique hotel in Providence. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the financing on behalf of the undisclosed borrower. The lender was a regional bank. The property is located in historic downtown Providence across from the Dunkin Donuts Center and Rhode Island Convention Center. The hotel was fully renovated in 2014. Terms of the financing were not disclosed.

October 26, 2018

Acquisitions Affordable Housing Multifamily Northeast Rhode Island

Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island

by David Cohen October 23, 2018

PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.

October 23, 2018

Development Industrial Northeast Rhode Island

Retail Business Services Breaks Ground on Distribution Facility in Rhode Island

by David Cohen October 15, 2018

NORTH KINGSTOWN, R.I. — Retail Business Services has broken ground on a 200,000-square-foot protein packaging and distribution facility in North Kingstown. Infinity Meat Solutions will occupy the facility, where it will handle beef, pork and prepared meats. Cargill Protein will manage the site’s operations and workforce. The facility is expected to bring approximately 700 jobs to North Kingstown.

October 15, 2018

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.7M Sale of Industrial Building in Rhode Island

by David Cohen October 4, 2018

CRANSTON, R.I. — Sweeney Real Estate has brokered the $1.7 million sale of a 25,548-square-foot industrial building in Cranston. Located at 25 Slater Road inside the Howard Industrial Park, the property sits on nearly two acres. Thomas O. Sweeney and Kevin Casey of Sweeney Real Estate represented the seller, Alves Properties LLC, in the transaction. The buyer was G3 Slater Road LLC.

October 4, 2018

Acquisitions Healthcare Northeast Office Rhode Island

Montecito Purchases 68,500 SF Medical Office Building in East Providence, Rhode Island

by Jeff Shaw September 19, 2018

EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.

September 19, 2018

Acquisitions Mixed-Use Northeast Rhode Island

Sweeney Real Estate Arranges Sale of Mixed-Use Development Site in Pawtucket

by David Cohen August 30, 2018

PAWTUCKET, R.I. — Sweeney Real Estate & Appraisal has arranged the $925,000 sale of a mixed-use development site in Pawtucket. Thomas Sweeney of Sweeney Real Estate represented the seller, Ten Mile Associates LLC, in the transaction. The buyer was Churchill & Banks Cos. Located at 1110 Central Ave., the property is currently an 83,000-square-foot industrial facility with three buildings.

August 30, 2018

Acquisitions Northeast Retail Rhode Island

Boulder Group Brokers $3.2M Sale of Net-Leased 7-Eleven in Providence

by David Cohen August 22, 2018

PROVIDENCE, R.I. — The Boulder Group has brokered the $3.2 million sale of a net-leased 7-Eleven in Providence. The 2,958-square-foot property is located at 270 Broad St. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund, in the transaction. The buyer was an investment group based in Arizona. 7-Eleven is signed to the property through August of 2030.

August 22, 2018

Acquisitions Hospitality Northeast Rhode Island

MCR Acquires Hilton Garden Inn at T.F. Green International Airport in Rhode Island

by David Cohen July 20, 2018

WARWICK, R.I. — MCR Development has acquired the Hilton Garden Inn Providence Airport/Warwick in Warwick. The price was not disclosed. The 160-room hotel opened in 2005 and is located at Rhode Island’s T.F. Green International Airport, which serves 4 million passengers annually. Amenities at the hotel include a fitness center, indoor pool, 24-hour convenience store, free airport shuttle and a connection to the Iron Works Tavern, a community bar housed in the historic 1867 R.I. Malleable Iron Works Factory building. The seller was not disclosed.

July 20, 2018

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Providence Retail Presents Signs of a Strengthening Economy

by David Cohen July 18, 2018

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant activity that represents a much healthier retail climate than popular opinion and media reporting might suggest. Some specific transactions are worth noting. Garden City Center in Cranston continues to outperform as the dominant outdoor shopping destination in the greater Providence market. This past year, The Wilder Companies built an approximately 29,800-square-foot addition at Garden City, which allowed them to bring Boston favorites Legal C Bar and Tavern in the Square to town. These are the first Rhode Island locations for both operators, which points to the strength of the local Rhode Island economy as well as the faith tenants have in the long-term viability of the best retail projects. Wilder was also able to bring The Simple Greek, Anthony’s Coal Fired Pizza, Z Gallerie …

July 18, 2018

Acquisitions Northeast Retail Rhode Island

Out of the Box Ventures Acquires 300,000 SF Shopping Center in Rhode Island

by David Cohen July 17, 2018

WOONSOCKET, R.I. — Out of the Box Ventures, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket for an undisclosed price. The seller was undisclosed. The 300,000-square-foot shopping center is located at 1500 Diamond Hill Road and anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl. Other tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop and T-Mobile. Walnut Hill Plaza is the first acquisition in Rhode Island for Miami-based Lionheart Capital.

July 17, 2018

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