CRANSTON, R.I. — Marcus & Millichap has brokered the $4.8 million sale of Park Avenue Plaza, a 24,750-square-foot retail property in Cranston. Built on 2.3 acres in 2006, the property was fully occupied at the time of sale, with all tenants operating on triple-net leases. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller, a locally based limited partnership, in the transaction. Maria DeAngeli, also with Marcus & Millichap, procured the buyer, a Massachusetts-based investor.
PROVIDENCE, R.I. — New York City-based Dwight Capital has provided a $19.5 million HUD-insured loan for the refinancing of 580 South Water, a 69-unit apartment complex in Providence. The riverfront property offers one- and two-bedroom units and amenities such as a fitness center, lounge area/workspace and a rooftop lounge. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing through HUD’s 223(f) program. The borrower was not disclosed.
BOSTON — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has negotiated the $70 million sale of a portfolio of four grocery-anchored retail assets in Massachusetts and Rhode Island. The properties, all of which are master-leased to regional operator Stop & Shop, total 272,542 square feet and are located in the Massachusetts communities of Framingham, Malden and Swampscott, with the fourth in Bristol, R.I. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …
NEW HAVEN AND STRATFORD, CONN. — Illinois-based investment firm B3 Holdings LLC has acquired three multifamily properties in Connecticut and Rhode Island totaling 481 units units for $117 million. Winchester Lofts is a 158-unit complex in New Haven, and the second property is a 128-unit asset in Stratford, both of which are located in the southern coastal part of Connecticut. The third asset is River Lofts at Ashton Mills, a 195-unit community in Cumberland, R.I. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Brookfield Asset Management, in the transaction. The trio also procured B3 Holdings as the buyer.
JOHNSTON, R.I. — Marcus & Millichap has brokered the $10.2 million sale of a 20,560-square-foot civic building in Johnston, a western suburb of Providence. The building houses offices of the U.S. Citizenship & Immigration Services. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investment group, in the transaction. Additional terms of sale were not disclosed.
CRANSTON, R.I. — Topgolf will open a 68,000-square-foot venue at 100 Sockanosset Cross Road in Cranston. Locally based firm Carpionato Group owns the site and is leading the development of the multi-level facility, which will be the first in Rhode Island for the Dallas-based entertainment concept. Construction is underway and expected to be complete before the end of 2023. Carpionato is also working with Rhode Island Department of Transportation on infrastructural improvements associated with the project, such as the reconstruction of the eastern section of Route 37, which included a frontage road from Route 37 at Pontiac Avenue. Carpionato Group originally acquired the site in 1997.
PROVIDENCE, R.I. — Hawkins Way Capital has acquired The Edge at College Hill, a 247-unit student housing community in downtown Providence that serves students at Brown University, the Rhode Island School of Design (RISD) and Johnson & Whales University. The property consists of a 15-story building and a five-story building offering studio, one- and two-bedroom units. Shared amenities include a rooftop clubhouse, fitness center and ground-floor retail space. Following capital improvements, the community will be rebranded as FOUND Study College Hill.
NORTH KINGSTOWN, R.I. — Atlantic Capital Partners, the capital markets division of Boston-based Atlantic Retail, has brokered the sale of Frenchtown Plaza, a 123,061-square-foot shopping center located south of Providence in North Kingstown. The sales price was $9.5 million. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the undisclosed seller and the buyer, Ocean State Job Lot, which also anchors the center, in the transaction. Other tenants at Frenchtown Plaza include Walgreens and Ace Hardware.
WESTERLY, R.I. — Marcus & Millichap has arranged the sale of Spindrift Village, a 42,200-square-foot retail property located in the coastal Rhode Island city of Westerly. The sales price was $3.4 million. The property consists of two adjacent parcels totaling four acres that house a multi-tenant strip center and a pad site. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.