WARREN, R.I. — Sitar Realty Co. has arranged the sale of a 451-unit, climate controlled self-storage facility located at 130 Franklin St. in Warren. The purchase price for the 63,000-square-foot property was $7.4 million. Warren is located approximately 13 miles southeast of Providence. Storage Acquisition Group purchased the property from Warren Self Storage. William Sitar Jr. and John Cranley of Sitar Realty represented the buyer in the transaction.
LINCOLN, R.I. — CBRE New England has negotiated the sale of Albion Crossing, a 280,982-square-foot flex building in Lincoln. The sales price was not disclosed. CBRE represented the seller in the transaction, Albion Crossing LLC. The buyer was an affiliate of FoxRock Properties LLC. Located at One Albion Road in Lincoln, the property was originally developed as the global headquarters for A.T. Cross Co., a manufacturer of high-quality ballpoint and fountain pens. In 2007, Cross sold the building and it was converted to a mixed-use flex office building. Current tenants include United Natural Foods, Zebra Technologies, Granite Telecommunications and Vicor Technologies Inc.
TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.
PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.
PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.
SOUTH KINGSTOWN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a retail property located at 84 Old Tower Hill Road in South Kingstown. BCP Capital Properties acquired the 4.97-acre site for $2.1 million. The site includes a 10,804-square-foot building. The buyer plans to redevelop the property into a retail and self-storage facility. Thomas Sweeney and Kevin Casey of Sweeney Real Estate & Appraisal brokered the transaction. The name of the seller was not released.
LINCOLN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of an industrial building located at 50 Industrial Circle in Lincoln. Lincoln Freight Terminal sold the property to 50 Industrial Circle LLC for $1.4 million. The property feature 213,457 square feet of industrial space. Thomas Sweeney of Sweeney Real Estate represented the seller, while George Paskalis of MG Commercial represented the buyer in the deal.
NORTH KINGSTOWN, R.I. — A joint venture between Unison Realty Partners and Blue Vista Capital Management has purchased Hunt River Commons, a shopping center located in North Kingstown, for $15.8 million. Anchored by Stop & Shop and Marshalls, the 147,270-square-foot property was 84 percent leased at the time of acquisition. Additional tenants include Planet Fitness, GNC and Citizen’s Bank. The shopping center was constructed in 1989. The Wilder Cos. will serve as property manager and leasing agent for the center. This acquisition is the first joint venture between Unison Realty Partners and Blue Vista Capital Management. Nat Heald of JLL brokered the acquisition.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.