Middletown, R.I. — Leicester Associates has sold 875 Aquidneck Ave. in Middletown to Middletown Self-Storage LLC for $1.8 million. The property is a 15,000-square-foot office and distribution center that is located along Route 138A on 1.66 acres of land. Thomas Sweeney of Sweeney Real Estate & Appraisal was the exclusive broker on this transaction.
NORTH KINGSTOWN, R.I. — Holliday Fenoglio Fowler, L.P. (HFF) has represented Waterford Development Corp and XSS Hotels in the sale of the 104-suite TownePlace Suites Providence North Kingstown, which was sold unencumbered by management. HFF also procured the buyer, whose name was not disclosed. The TownePlace Suites Providence North Kingstown is located 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, barbecue/picnic area, guest laundry and complimentary shuttle service. The HFF investment sales team representing the seller was led by Denny Meikleham and Alan Suzuki.
WOONSOCKET, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of the former Woonsocket Glass & Mirror building, located at 500 Pond St. in Woonsocket. T&T Woodworkers acquired the 12,791-square-foot property for an undisclosed price. The property features a drive-in door, loading dock, 18-foot ceiling heights in the warehouse, office space and a showroom area. Thomas Sweeney of Sweeney Real Estate & Appraisal represented the seller, Woonsocket Glass Fabricators, while Larry Steingold of MG Commercial represented the buyers in the deal.
WARREN, R.I. — KeyPoint Partners has negotiated a lease with Maxx Fitness Clubzz at Ocean State Plaza in Warren. Maxx Fitness Clubzz will occupy 23,042 square feet of space on the Vernon Street side of the 126,200-square-foot shopping center on Metacom Avenue. Other tenants at the center include Ocean State Job Lot, Family Dollar, Fantastic Sams, Elsie’s Bakery and East Bay Printing & Copying. Don Mace of KeyPoint represented the undisclosed landlord in the deal.
WARWICK, R.I. — Sarchi Group has acquired Sheraton Providence Airport Hotel, a full-service hotel adjacent to T.F. Green Providence Airport in Warwick. Located at 1850 Post Road, the 207-room hotel features concierge services, a fitness center, indoor pool, Sheraton Club Lounge, complimentary high-speed Internet access and BlueFire Grille. Denny Meikleham and Alan Suzuki of HFF represented the buyer and undisclosed seller in the deal.
WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.
Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office building demand. The largest of the recent residential conversions include the sale of 95 Chestnut Street (57,000 square feet) and 170 Westminster Street (62,000 square feet), which has resulted in contraction of the Class B Providence office market. In addition, The Rhode Island School of Design’s (RISD) recent expansion/purchase of a 12,000-square-foot office condominium at 123 Dyer Street has also spurred downtown demand. The Providence office market has also been affected by corporate consolidation. Citizens Bank, Bank of America, Textron and Blue Cross have all reduced the size of their footprints in Providence over the past 18 months. As a result, the Providence office market experienced a slight uptick in vacancy rates ending 2015, at about 16.5 percent. In the Jewelry District, three construction projects are well underway. The South Street Landing project is a $220 million dollar renovation of …
WOONSOCKET, R.I. — Marcus & Millichap has arranged the sale of Peters River Residences, an apartment complex located on Fulton Street in Woonsocket. A limited liability company sold the 36-unit property for $2.5 million. Constructed in 2008, the complex comprises three buildings with 12 two-bedroom/one-bath units per building. Units feature fully equipped kitchens, in-unit laundry machines, central air conditioning, intercom systems and private porches. Tony Pepdjonovic and John Slyman of Marcus & Millichap’s Boston office represented the seller and procured the buyer.
NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.
QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
