Rhode Island

GMH, Wexford Open 270-Bed Student Housing Property in Providence

by Taylor Williams June 20, 2019

PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a business center, private study rooms and a cyber café with a complimentary coffee bar. Leasing began in February.

June 20, 2019

Hospitality Market Reports Northeast Northeast Market Reports Rhode Island

Rhode Island — The Land of Hotels, Schools and Medical Properties

by Kristin Harlow May 22, 2019

Thus far in 2019, much of the growth and development in Rhode Island has been focused on downtown Providence. Much of this has to do with the colleges and hospitals, as well as the residential component in general. But Rhode Island continues to develop hotels, especially in downtown, due in part simply to having a vibrant, in-demand city. Officials want to create the ability for Providence to compete for and attract top-tier conventions. Hotel Development Wave With 1,000-plus hotel rooms coming on line over the next 18 to 24 months, along with another 1,000 residential units of new and redeveloped housing, the long sought-after downtown Providence residential market seems to be here. Examples of this hotel development include the following: • Procaccianti Group’s 176 room Marriott Residence Inn at the Convention Center, coming in the second half of 2019; • First Bristol & Paolino Properties’ 120-room Homewood Suites Extended Stay, which opened in April; • Hotel Beatrice, 28-32 Kennedy Plaza, 48 rooms, under construction; • Best Western Glo Hotel, 322 Washington Street, 76 rooms, commission/board review approved; • Aloft hotel, Innovation Complex, 170 rooms, commission/board review approved; • Holiday Inn, 371 Pine Street, 91 rooms, commission/board review approved; • Hotel …

May 22, 2019

Industrial Leasing Activity Northeast Office Rhode Island

Pharmaceutical Supplier Signs 32,025 SF Flex Lease in Smithfield, Rhode Island

by Taylor Williams April 18, 2019

SMITHFIELD, R.I. — High Purity New England Inc., a manufacturer and distributor of products for the pharmaceutical industry, has signed a 32,025-square-foot flex lease at Smithfield Office Center, about 15 miles northwest of Providence. Dan Cregan of CBRE represented High Purity New England in the lease negotiations. Alden Anderson, also of CBRE, represented the landlord, Thurber Properties LLC. Smithfield Office Center is a 38-acre, 180,000-square-foot campus located off Route 7 at the junction of Interstate 295.

April 18, 2019

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Orchestrates $1M Sale of Industrial Facility in Providence

by David Cohen March 22, 2019

PROVIDENCE, R.I. — Sweeney Real Estate has arranged the $1 million sale of an industrial facility in Providence. Located at 382-420 and 780 Harris Ave., the 21,649-square-foot property is located on nearly one acre. Thomas Sweeney, of Sweeney Real Estate represented the buyer, Partial Research Group LLC, in the transaction. Jim DeRentis of Residential Properties represented the seller, Bone House LLC.

March 22, 2019

Acquisitions Industrial Northeast Rhode Island

CBRE Brokers $6.9M Sale of Industrial Facility in Rhode Island

by David Cohen March 13, 2019

CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area. Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility with a new roof, LED lighting and parking lot.

March 13, 2019

Acquisitions Northeast Rhode Island Seniors Housing

Cushman & Wakefield Arranges Sale of 371-Unit Seniors Housing Portfolio in Rhode Island

by David Cohen March 6, 2019

PROVIDENCE, R.I. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of three senior communities in metro Providence. An institutional investor sold the 371-unit independent living, assisted living and memory care portfolio for an undisclosed price. The buyer was Capital Health Group, a Baltimore-based investor seeking value-add opportunities in the area. Milestone Retirement Communities LLC, an affiliate of Capital Health Group, will take over operations at each community. The portfolio consists of Pocasset Bay, a 169-unit independent living and assisted living community in Johnston; East Bay, a 98-unit assisted living and memory care community in East Providence; and Greenwich Bay, a 104-unit assisted living and memory care community in East Greenwich. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag.

March 6, 2019

Acquisitions Industrial Northeast Rhode Island

CBRE Negotiates $4.3M Sale of Industrial Facility in Rhode Island

by David Cohen February 21, 2019

WARREN, R.I. — CBRE has negotiated the sale of a 64,294-square-foot industrial facility in Warren. Located within the Warren Industrial Park at 15 New Industrial Road, the facility is set on more than 11 acres of land. The facility was most recently occupied by FedEx. Daniel Cregan and Thomas Barry of CBRE represented the undisclosed seller in the transaction. The buyer was Mussuchuck Properties LLC.

February 21, 2019

Acquisitions Industrial Loans Northeast Rhode Island Self-Storage

Talonvest Arranges $17.4M Acquisition Loan for Self-Storage Portfolio in Rhode Island

by David Cohen January 24, 2019

Rhode Island — Talonvest has arranged a $17.4 million acquisition loan for a self-storage portfolio in Rhode Island. The three properties consist of 1,416 storage units across 177,575 square feet. Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich of Talonvest represented the borrower, Rosewood Property Co. in the transaction. The lender was a national bank. Terms of the financing included a 10-year, fixed-rate loan with interest-only payments for the full loan term. The three metro Rhode Island properties expand Rosewood’s portfolio to 48 self-storage properties across 12 states.

January 24, 2019

Acquisitions Hospitality Northeast Rhode Island

HFF Brokers Sale of 101-Room Hampton Inn & Suites in Rhode Island

by David Cohen January 22, 2019

SMITHFIELD, R.I. — HFF has brokered the sale of the Hampton Inn & Suites Providence/Smithfield, a 101-room hotel in Smithfield. The sales price was undisclosed. Located at 945 Douglas Pike, the four-story hotel features 22 suites. Amenities include an indoor heated pool, fitness center and guest laundry facilities. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and James Koury of HFF represented the institutional seller in the transaction. The buyer was Excel Group, which plans to fully renovate the hotel.

January 22, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

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