PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January 2020.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role at another one of the retailer’s locations, according to CNBC. As part of the plan to close many of its stores, CVS Health will create new store formats. The retailer released three models for its new store layouts including sites dedicated to offering primary care services; an enhanced version of HealthHub locations with products and services designed for everyday health and wellness needs; and traditional CVS pharmacy stores that provide prescription services and health, wellness, personal care and other retail offerings. CVS Health plans to build 1,000 HealthHub locations by the end of the year, CNBC reports. This model includes a wider range of medical products and medical services from …
EAST GREENWICH, R.I. — Nashville-based owner-operator Montecito Medical has acquired a 60,000-square-foot medical office building in East Greenwich, about 20 miles south of Providence. Built in 2013 and renovated in 2020, the multi-tenant property was fully leased at the time of sale, with University Orthopedics occupying 61 percent of the space as the anchor tenant. Other occupants include Coastal Medical Group, Velocity Clinical Research and Providence Behavioral Health.
NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented Greenberg Gibbons and the unnamed seller in the transaction. The sales price was not disclosed, but Greenberg Gibbons acquired the asset in conjunction with a 92,000-square-foot center in Maryland for a combined $34.6 million.
NORTH KINGSTON, R.I. — New Jersey-based investment firm Tryko Partners has purchased Scalabrini Villa, a 120-bed skilled nursing facility in North Kingston, about 25 miles south of Providence. The property opened in 1994 at a site along Narragansett Bay and consists of 60 two-bed units. The seller and sales price were not disclosed. Tryko Partners plans to make capital improvements to the facility, which offers memory care, long-term and sub-acute care services.
WESTERLY, R.I. — JLL has arranged an undisclosed amount of acquisition financing for Cornerstone Self Storage, a 359-unit facility in the coastal Rhode Island city of Westerly. The property sits on 1.8 acres and offers 48,025 net rentable square feet of climate- and non-climate-controlled space, as well as 28 RV storage spaces. Michael Pagniucci and Henry Schaffer of JLL arranged the five-year, fixed-rate loan through Rhode Island-based Washington Trust Co. on behalf of the borrower, The Storage Investment Group.
PAWTUCKET, R.I. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $21.6 million sale of Cottage Plaza, an 84,455-square-foot retail center in Pawtucket. Regional grocer Stop & Shop anchors the property, which was built on 14.6 acres between 2004 and 2005. Jim Koury, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, AAG Management Inc., in the transaction.
PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.
CRANSTON, R.I. — Massachusetts-based design-build firm Dacon has completed construction of a 25,000-square-foot office headquarters space for insurance brokerage firm Hilb Group in Cranston. Spanning two floors, the layout includes an open office work environment, entrance lobby, conference space, training room, restrooms and a café. The tenant is looking to consolidate its four Rhode Island offices into one regional hub for some 130 employees at this location, which is situated within Carpionato Group’s Chapel View mixed-use development.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.