Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

Northeast Retail Rhode Island

Sterling Organization Acquires 225,908 SF Shopping Center in Rhode Island

by Amy Works July 16, 2015

PROVIDENCE, R.I. — Sterling Organization, through its Sterling United Properties I LP fund, has acquired Wampanoag Plaza, a shopping center located in Providence, for an undisclosed sum. The 225,908-square-foot retail center is anchored by Stop & Shop Supermarket and was 96 percent occupied at the time of sale. Additional tenants include Marshalls, Savers, NAPA Auto Parts and Dollar Tree. The name of the seller was not released.

July 16, 2015

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island Office Market Remains Steady

by Jaime Lackey July 15, 2015

In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local real estate investment firm, purchased the Turks Head Building (150,000 rentable square feet) in late 2014. In addition, 170 Westminster Street (65,000 rentable square feet) recently traded; according to local rumor, the property will be converted to residential apartments. If 170 Westminster comes out of circulation, this will have a positive impact on the Class B vacancy rate in the city. Just south of the city on the 195 redevelopment land — dubbed “The Link” by the 195 Commission — work is just about complete to make the 19 available acres “shovel ready.” The 195 Commission has been successful in fully negotiating two purchase and sale agreements. The first is for student housing and the second is mixed-use residential. However, both projects are contingent on an acceptable tax stabilization agreement from the city, which has …

July 15, 2015

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Rhode Island Retail Continues to Show an Upswing in Leasing Momentum

by Jaime Lackey July 8, 2015

Rhode Island’s retail market continues to improve, although not to the point that new ground-up major projects are feasible. There is considerable activity with retailers expanding and absorbing the existing supply of retail space. In the past few years, a lot of the activity has focused on absorbing the mid-size boxes that went dark after the start of the recession, due to the closings of stores such as Circuit City, Linens ’N Things, and Borders. The leasing activity over the last several years seems to be the final stages of the absorption of these vacant boxes. As the supply of these existing anchor spaces continues to be reduced, the health of the retail market continues to improve with the result being a slight upward pressure on rents. The 500,000-square-foot Garden City Center in Cranston, which first opened in 1948, continues to upgrade its tenants, with The Wilder Company’s ongoing multi-year expansion and renovation of Rhode Island’s premier open-air mixed-use shopping center. New tenants opening over the last year include The Container Store, which has taken 25,000 square feet, as well as French natural skin care retailer L’Occitane and natural burger concept b. good. Additional new leases have been signed with …

July 8, 2015

Northeast Retail Rhode Island

RK Centers Acquires 98,575 SF Retail Center in Rhode Island for $16.7M

by Amy Works April 10, 2015

MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.

April 10, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers $31.7M Sale of Rhode Island Multifamily Community

by Amy Works April 8, 2015

WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

April 8, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers Sale of 234-Unit Harbor Village in Rhode Island

by Amy Works April 3, 2015

WAKEFIELD, R.I. — CBRE/New England has brokered the sale of Harbor Village in Wakefield. An affiliate of JRK Property Holdings acquired the 234-unit apartment community, which sold for an undisclosed price. Harbor Village consists of 16 residential buildings and a clubhouse. The residential buildings comprise five two-story direct-entry townhome buildings and 11 three-story garden-style buildings. The property offers one-, two- and three-bedroom units, with an average apartment size of 1,113 square feet. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller in the deal.

April 3, 2015

Northeast Retail Rhode Island

Salt Pond Shopping Center Sells for $39.2M in Rhode Island

by Amy Works November 19, 2014

NARRAGANSETT, R.I. — A subsidiary of Dividend Capital Diversified Property Fund Inc. has purchased Salt Pond Shopping Center for $39.2 million. Located at 91 Point Judith Road in Narragansett, the property is occupied by Stop & Shop, Marshalls/HomeGoods, Sports Authority, West Marine and Dollar Tree. Chris Angelone, Bill Moylan, Nat Heald and Bruce Lusa of CBRE/NE represented the undisclosed seller and the buyer in the transaction.

November 19, 2014

Multifamily Northeast Rhode Island

CBRE/NE Multifamily Group Brokers $25.8M Sale of Windsor at Brentwood

by Amy Works November 13, 2014

NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

November 13, 2014

Northeast Retail Rhode Island

Marcus & Millichap Brokers $4.4M Sale of Two Rhode Island Retail Centers

by Amy Works October 29, 2014

COVENTRY, R.I. — Marcus & Millichap has arranged the sale of two retail centers, located at 670-678 and 710-720 Centre of New England Blvd. in Coventry. MTM-CNE LLC sold the assets, which total 16,895 square feet, for $4.4 million to 1465 Third Avenue LLC. Current tenants include 863 Sushi, Cilantro Grille, Royal Nails, UPS, Spring, We-R-Wireless, GameStop, Starkey Hearing, Supercuts and T-Mobile. Bob Horvath and Todd Tremblay of Marcus & Millichap represented both the seller and buyer in the transaction.

October 29, 2014

Newer Posts

Older Posts