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Rockland Trust Provides $20M for Renaissance Marriott Deal

22 Oct 2013, 7:50 am

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by Adriana Pop, Associate Editor

Rockland Trust has provided $20 million in financing for The Procaccianti Group’s purchase of the Renaissance Marriott Downtown Hotel in Providence. Located near the Rhode Island Convention Center, the property features 264 hotel rooms, eight suites, and nine meeting rooms. Amenities include a 24-hour fitness room, Wi-Fi, high-end finishes and appliances, and valet or private parking.

Procaccianti’s local portfolio also includes Residences Providence, a mixed-use development including condominium, hotel, retail and restaurants components. Rockland provided $18 million to refinance the property last year. The Renaissance Marriott loan marks Rockland’s the third financing for Procaccianti.

In other finance news, Washington Trust’s commercial real estate group has provided $5.3 million in acquisition financing to Residences at Garden City, L.L.C., for its purchase of Garden City Apartments, a 94-unit property in Cranston.

Built in 1948, the complex encompasses seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units on a 5.2 acre site. Amenities include a landscaped park-like setting, off-street and garage parking, 24-hour emergency maintenance and laundry facilities. The property is located near Garden City Shopping Center.

Photo credits: www.marriott.com




Cole Buys Coventry Retail Center for $11.6M; Gilbane Gets Green Light for East Side M-F Project

4 Oct 2013, 5:19 pm







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by Adriana Pop, Associate Editor

Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot CVS-anchored shopping center in Coventry, for $11.6 million, or $559 per square foot.

Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing L.L.C., while Horvath and Tremblay also represented the buyer.

Located about 20 miles south of Providence, Coventry Crossing was built in 2008. The 5.7-acre property features three buildings across the street from the entrance to the Centre of New England development. CVS and Webster Bank each occupy one building, while Dunkin’ Donuts and Radio Shack share the third.   

 “The CVS has more than 19 years remaining on the original base term,” Tremblay said in a news release. “All tenants have scheduled rental increases every five years throughout the base term and option periods.”

In other news, the Providence Journal reports that a Rhode Island Superior Court judge has cleared the way for Gilbane Development Co. to build a $15 million, 95-unit apartment building on Thayer Street on Providence’s East Side.

The project requires the demolition of nine houses on a block near Brown University, which has drawn opposition from some East Siders. Previous appeals to the City Plan Commission and the zoning appeals board had failed to halt the development.

In June, Stonehenge Partners L.L.C., an affiliate of Shore Properties Rhode Island, sought to block the project by appealing a ruling from the city’s Zoning Board of Appeal, which green-lighted Gilbane’s proposal. On September 11, Superior Court Judge Michael Silverstein ruled that the appeals board acted properly in approving the development. Construction is expected to be completed by next August.

Photo credits: www.loopnet.com



Brady Sullivan, Starr Development Propose Mixed-Use Conversion of Warren’s American Tourister Factory

8 Sep 2013, 7:55 pm







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by Adriana Pop, Associate Editor

Brady Sullivan Properties of Manchester, N.H. is partnering with Boston-based Starr Development to repurpose the former American Tourister factory in Warren into a mixed-use facility. According to the Providence Journal, plans call for 225 apartments and 85,000 square feet of commercial and retail space at the 14-acre riverfront site on Main Street.  

Brady Sullivan, which specializes in mill renovation projects, purchased the property in March for $2.6 million.

Earlier this month, the proposed Tourister redevelopment project lost an initial bid for state historic tax credits. Nevertheless, the developers had better luck with their $20-million reconversion of the former American Insulated Wire complex in Pawtucket. That project is among the winners of the state-organized lottery.  The American Insulated project, which includes about 40,000 square feet of commercial space and 139 apartments, will benefit from tax credits valued between $2.5 million and $3 million.

In other news, the Providence Journal reports that Apponaug Water Development L.L.C. held its second public forum last month on a proposed 127-key waterfront hotel in Warwick.

The $20-million project would bring a turreted, six-story Wyndham-branded property to Warwick’s Apponaug section. More than 40 participants attended the meeting to discuss the impact of the new development.

In order to move forward, the project will need to be approved by the city’s Planning Department and receive a zoning change from the City Council. Construction is expected to begin in the spring, Raymond D’Abate, the company’s executive vice president told the newspaper.



Providence G, $20M Downtown Mixed-Use Project, Nears Fall Completion

24 Aug 2013, 6:04 pm







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by Adriana Pop, Associate Editor

Providence G, a $20 million mixed-use project, is on track to bring 56 luxury apartments, three restaurants, a 60-car garage and retail to downtown Providence when it is complete this fall.

Rhode Island House Speaker Gordon Fox, Mayor Angel Taveras and other officials attended a July 31 ribbon cutting for the project, which being developed by New York-based investor Vince Geoffroy and local developer David Corsetti, the Providence Journal reported.

The redevelopment involves four adjoining structures along Dorrance and Weybosset streets: the Providence Gas Building, the former home of National Grid, the Narragansett Hotel Garage and the historic Teste Block. Providence G’s residential component features one- and two-bedroom apartments, as well as a concierge, gymnasium and dry cleaners.

Brendan Moran, the property’s manager, told the Journal that 25 units have been occupied at monthly rents ranging from $1,600 to $2,700. An 8,000-square-foot pub in the basement and a boutique coffee shop on the first floor are scheduled to open this fall. Also on the way is an 8,000-square-foot rooftop restaurant, scheduled to open next spring. The Teste Block structure will offer six upper-floor apartments along with a 4,000-square-foot ground floor restaurant.

Geoffroy and Corsetti will next team up in downtown Providence to convert an historic building at 290 Westminster Street into a 63-unit multi-family property.

 Photo credits: Google Street View



FM Global Gives Former Johnston Headquarters a $60M Makeover

28 Jul 2013, 6:55 pm








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by Adriana Pop, Associate Editor

Hobbs Brook Management L.L.C., the real estate affiliate of FM Global, is overseeing a $60 million renovation of FM Global’s former headquarters at 1301 Atwood Ave. in Johnston.

The Johnston Sunrise reports that the makeover will result in 338,600 square feet of office space, a full-service cafeteria and exercise facility. To be renamed Northwoods, the new facility is a candidate for LEED Gold certification. Construction is expected to be complete by the fall of 2014.

The complex is located minutes from Downtown Providence and T.F. Green Airport, immediately adjacent to Route 6, and is accessible by all major interstates in Rhode Island and Massachusetts.

Built in 1973, the property served as FM Global’s headquarters until 2009, when the insurer moved to its $154-million, 366,600-square-foot location on Central Avenue. According to the Providence Journal, Hobbs Brook Management owns both FM Global’s current headquarters and the previous location on Atwood Ave.

Dimeo Construction Company Co. of Providence is the contractor for the renovation, which is designed by Margulies Perruzzi Architects. Hayes & Sherry, a Cushman & Wakefield Alliance member, will handle leasing.

Photo credits: hayessherry.com



Brown, RIC and URI Unveil $206M Redevelopment Plan for Providence’s Dynamo House

28 Jun 2013, 11:13 pm

by Adriana Pop, Associate Editor

Brown University, Rhode Island College and the University of Rhode Island are teaming up on a plan to reinvent the South Street Power Station  in Providence as a $206 million mixed-use development that will combine educational, residential and commercial functions.

Commonwealth Ventures Properties has been tapped for the makeover of the complex, a 101-year-old former Narragansett Electric/National Grid facility, which has been vacant since 1999.

Outlined in a June 27 statement, the proposal calls for transforming the 101-year-old Dynamo House into a 120,000-square-foot nursing education center to be shared by RIC and URI; 150,000 square feet of  housing for graduate students, medical students and upper-level nursing students; 120,000 square feet of office space for Brown; 20,000 square feet of space intended to attract start-ups and other technology-based companies; 15,000 square feet of retail space and restaurants; a 600-space parking structure on Point Street; and improved public space along the Providence River.

Pending endorsement of the concept by the state General Assembly, RIC, URI, state officials and Commonwealth Ventures could move ahead with negotiations of a long-term lease agreement. Long-term commitments from Brown to take about half the space, and from the state for the  joint RIC/URI nursing center, will enable the project to move forward.

Project financing will draw on a variety of financing sources, including new and previously committed state historic tax credits, private debt and equity, and revenue generated by the parking structure. Officials estimate that the project would create some 1,500 construction-related jobs, more than $90 million in employee compensation and about $248 million worth of economic output.

“Over the last decade, Brown has invested more than $200 million in the Jewelry District, renovating facilities to support research, education, and administration and supporting a range of neighborhood enhancements,” said Christina Paxson, president of Brown. “By pursuing this project and this partnership, we hope to further enliven the neighborhood, transforming this important but neglected facility into an enduring asset, adding value to a critical area of our city and state.”

Photo credits: Marc Belanger via Wikimedia Commons

 



Community Health Center in South Providence Enters Final Phase of Construction

31 May 2013, 6:49 pm

By Adriana Pop, Associate Editor

The $45 million development of the Federated Lithographers mill building in the South Providence neighborhood has entered its second and final phase of construction.

According to GoLocalProv, the new space will enable Lifespan to relocate several of its programs, including Community Health Services, the Rhode Island Hospital School of Diagnostic Imaging, the Lifespan Youth Development Program, and Hasbro Children’s Hospital’s renowned Children’s Neurodevelopment Center. The company intends to lease 27,000 square feet at the Federated Lithographers site.

Plans also call for the construction of a 5,000-square-foot Walgreens pharmacy store, as well as the expansion of the Providence Community Health Center’s dental clinic.

In March 2011, the Providence Community Health Centers Inc. broke ground on the complex, which is considered to be the largest private development project in South Providence. The Prairie Avenue Revitalization Initiative is supporting the project, which has received public and private funding.

According to Merrill Thomas, Providence Community Health Center CEO, the new facility will help spur the neighborhood’s economic development.

“Lifespan has long been a supporter of development in this neighborhood, and we are pleased to have the second phase of this important project get underway. We hope that by moving key services along with the employees who staff them into this community, Lifespan is helping to generate more economic activity and better health for residents,” said Timothy J. Babineau, M.D., Lifespan’s president and CEO.

“The final phase development of the Federated Lithographers site and the participation of Lifespan, Walgreens and Providence Community Health Centers are the transformative elements in moving South Providence from decades of isolation to a future of economic integration that will serve as a model for rebuilding the fabric of the city’s neighborhoods,” said Darrell Lee, president of BCOG Planning and Development and founder of the Prairie Avenue Revitalization Initiative.

“The culmination of these organizational investments in South Providence is historic and greatly anticipated by local businesses and residents,” he added.

Photo credits: www.prairieavenue.org



Kettle Point Wins Key City Vote; Omni Group Plans $5M Federal Hill Office Project

23 May 2013, 2:35 am

by Adriana Pop, Associate Editor

The East Providence Waterfront Commission has unanimously approved a $75 million residential community proposed for Kettle Point, East Providence Patch reports. Churchill & Banks, the project’s developer, could break ground this fall on the 407-unit project, which will be located on a 40-acre brownfield site owned by BP Corp.

Plans call for 276 for-rent apartment units and a mix of 131 for-sale residences consisting of park-under townhouses, one-level condos, duplex units and single-family dwellings.Designed by Providence architect Don Powers of Union Studio, the project will also offer an abundance of open space, public parks, as well as direct access to the waterfront.

Plans call for 276 rental units and 131 for-sale residences in formats ranging from townhouses and duplexes to single-family home. Designed by Providence-based architect Don Powers of Union Studio, the development will incorporate abundant open space and direct access to the waterfront. State transportation, environmental and coastal resources agencies must sign off on the project before Churchill & Banks can start construction.

In other development news, Omni Group Inc. has acquired the long-vacant CJ Fox factory complex in Federal Hill near Interstate 95 for $1.6 million. According to Providence Business News, the company will invest an additional $5 million in the project, which will comprise 48,000 square feet of Class A office space and 178 parking spaces on the 2-acre parcel and will be renamed One Cedar Street.

“We are committed to the neighborhood, so we will grow as the neighborhood allows,” Omni principal William DiStefano Jr. told the newspaper. “We didn’t have a master plan; it just worked out, and we loved the neighborhood and area. We are pro-Providence, and we think it only has one way to go: up.”

Upon completion, the four-story, red-brick building is expected to rent for about $21.50 per square foot. Besides the One Cedar Street site, Omni owns nine other commercial buildings in Federal Hill.  

Rendering: Union Studio/Churchill & Banks



Gaia Pays $55M for 2 East Providence M-F Complexes

6 May 2013, 2:58 pm

by Adriana Pop, Associate Editor

Gaia Real Estate has purchased two East Providence multi-family communities and 20 acres of undeveloped land for $55 million or $115,000 per unit, the Providence Business News reports. CBRE/New England, a joint venture of CBRE Group Inc. and Whittier Partners Group, represented the buyer in the transaction and procured financing.

Located in the Riverside neighborhood, the two properties, Winchester Park and Winchester Wood, offer 478 units distributed among 79 two- and three-story townhouse buildings. Winchester Park was built between 1971 and 1974 and renovated in 2000. It encompasses 416 units and 63 buildings. Winchester Wood was completed in 1985 and comprises 62 units and 16 two-story buildings.

“We believe in the Providence apartment submarket and intend to continue to embark on a substantial value-added program for properties,” said Gaia managing partners Danny Fishman and Amir Yerushalmi in a statement.

Amenities include a renovated clubhouse, a fitness center, an outdoor swimming pool with a sun deck, tennis courts, a private landscaped courtyard, 694 parking spaces, on-site management and 24-hour emergency maintenance.

Gaia, which will also manage the properties, plans to upgrade common areas and renovate unit interiors. The New York-based company owns $1.15 billion in  assets nationwide, including 13,000 multi-family units.

Photo: http://www.gaiare.com/Gaia-Winchester.html



Providence Station on Track for $5.7M Renovation

21 Apr 2013, 6:57 pm

by Adriana Pop, Associate Editor

The Rhode Island Department of Transportation plans to begin construction next year on a $5.7 million makeover of Providence Station. Gov. Lincoln Chafee and other officials unveiled details of the project April 15 during a ceremony at the facility.

The Federal Transit Administration, Federal Highway Administration and the state will provide funding for the renovation. Plans call for sprucing up the 27-year-old station’s physical appearance, reconstructing pedestrian and vehicular access and adding bicycle parking facilities. Engineers will inspect the south side plaza deck and identify any necessary repairs. RIDOT will replace the landscape planter structures and add improved signage to direct users to the Station.

“These upgrades and improvements will help us make the experience of traveling to Providence via rail more convenient, more pleasant, and more reflective of our outstanding capital city,” Chafee said. “I am strongly supportive of strategic investments that strengthen our infrastructure – this is certainly one such project, and I am grateful for the State-Federal partnership that made it possible.”

Providence Station was among the first projects to be built as part of the Capital Center redevelopment. Serving more than 1 million Amtrak and Massachusetts Bay Transportation Authority passengers annually, the station ranks 16th among Amtrak’s 500 stations.

 ”In its 27-year history, the Providence Station has become a major hub for trains, buses, vehicles, pedestrians and bicyclists. It’s starting to show its wear and tear,”said RIDOT Director Michael Lewis. “It’s critical that we maintain and improve this facility and position it for the future as a major rail stop on the Northeast Corridor.”

Photo credits: Loodog via Wikimedia Commons



High Rock Seeks Tax Credits for “Superman Building’s” M-F Makeover

8 Apr 2013, 10:46 pm

by Adriana Pop, Associate Editor

High Rock Development of Newton, Mass. is planning to repurpose the 26-story Industrial Trust Tower in downtown Providence from office to residential rental space. According to the Associated Press, the owner of the 350,000-square-foot property intends to build up to 290 apartments on the upper floors, as well as ground-floor retail and restaurant space.

Bill Fischer, a spokesman for High Rock, told AP that the company is seeking historic tax credits to reposition the 85-year-old Art Deco landmark, which is Rhode Island’s tallest office building.

“Downtown Providence is in real need for residential rental space. It’s not in dire or desperate need for office space,” he said. “When you start to talk about the future of Providence and what it’s going to look like in five to 10 years … it makes perfect sense.”

High Rock is awaiting the results of an economic impact study it commissioned to determine the best re-use of the property. The company hopes to come up with a clear redevelopment plan in three or four weeks.

Also known as the Superman building, the property at 111 Westminster St. opened in 1928. Its only tenant, Bank of America, completed its move out of the building last month.

Photo credits: Julie Kertesz via Wikimedia Commons



Omni, WinnDevelopment Wrap $21M West End M-F Rehab

23 Mar 2013, 3:22 pm

by Adriana Pop, Associate Editor

A $21 million makeover has transformed a series of dilapidated buildings in Providence’s West End into 83 units of energy-efficient affordable housing. A year of construction was capped off March 11 with a ribbon-cutting ceremony attended by Gov. Lincoln Chafee, U.S. Senators Jack Reed and Sheldon Whitehouse and other federal, state and local officials.

To create the new rental properties, collectively named Phoenix Apartments, a joint venture of Omni Development Corp. and WinnDevelopment rehabilitated or rebuilt 22 abandoned and foreclosed multi-family buildings on Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets. The developers demolished seven buildings and replaced them with nine new buildings and three parking sites.

Another 17 buildings were gutted and rehabilitated; seven of those properties were rebuilt either with fewer units or fewer bedrooms in order to reduce density. Also included is 3,148 square feet of space for property management offices, a central laundry facility and a community meeting room.

A variety of public and private sources provided funding, including Rhode Island Housing, HOME, LeadSafe Homes Program, Neighborhood Stabilization Program and the 2006 voter-supported housing bond, Building Homes Rhode Island, Bank of American Merrill Lynch and Housing Credits

“Preserving 83 units of affordable housing meets a critical need in our capital city,” said Joseph Caffey, president of Omni Development Corp., and managing partner of Phoenix Apartments, L.P. “We trust that our Phoenix residents will benefit for many years from these new HUD Section 8 apartments.”

Rhode Island Housing acquired the properties from the U.S. Department of Housing and Urban Development in 2010 and selected the Omni/WinnDevelopment team to redevelop them. As a condition of the plan’s approval by HUD, the developers maintained 83 apartments with the identical bedroom count identified in the Section 8 contract. The Section 8 rental assistance program allows each household to pay 30 percent of its income for rent

“These new affordable rental homes are a perfect example of turning a liability into an asset,” Governor Chafee said. “These formerly abandoned and foreclosed buildings – which previously were a risk to the community in terms of fire or vandalism – will now provide safe and affordable housing to Rhode Islanders in need.”

Photo: Rhode Island Housing



Washington Trust Finances Historic Downtown Office Building, Parking Facilities

11 Mar 2013, 5:34 pm

by Adriana Pop, Associate Editor

Washington Trust’s commercial real estate group has provided mortgage financing for One Financial Center Plaza, an historic 128,000-square-foot office building at 10 Weybosset Street in Downtown Providence.

Completed in 1896, One Financial Center Plaza was the city’s first fireproof steel-framed high-rise building. It was a multi-tenant office and retail property until its acquisition by Amica Insurance Co. in the 1950s.

The property returned to multi-tenant status when it was acquired by its current owner, One Financial Center Plaza L.L.C., in the 1990s.

“This is an exceptional property— not only is it well positioned in Providence’s Financial District, but it is has good quality interior finishes and has the ability to offer parking onsite or in nearby owned lots,” said Joseph J. MarcAurele, chairman and CEO of Washington Trust.

In another recent Downtown Providence transaction, Washington Trust’s commercial real estate group provided a $6.2 million loan to Union Station Parking L.L.C., an entity controlled by the Marsella family, on a 160-space parking lot adjacent to Union Station Garage. Both facilities are owned by the Marsella family. The financing will assist the Marsella family in acquiring sole ownership of parking operations at Union Station Plaza.

The 1.17-acre surface lot is owned by Ron Marsella, who has completed several redevelopment projects in Downtown Providence, most notably the Capital Center.

Photo credits: Loodog via Wikimedia Commons



Court Approves Sale of 82 Acres at Rocky Point for State Park

22 Feb 2013, 11:34 pm

by Adriana Pop, Associate Editor

The state of Rhode Island has received the U.S. District Court’s approval to purchase 82 acres of the historic Rocky Point property in Warwick for $9.65 million. According to the state Department of Environmental Management, the Court’s decision will allow the development of a state park 10 miles from Downtown Providence.

The transaction is expected to close in about one month. The acquisition will be funded through the $10 million Open Space bond approved by Rhode Island voters in 2010.

The U.S. Small Business Administration, acting as receiver for Moneta Capital, is the current owner of the property. “The Court’s decision today brings the State of Rhode Island significantly closer to successfully acquiring and preserving this iconic property,” noted Governor Lincoln Chafee.

Once the state acquires the land, DEM will develop a work plan and secure financing for the reconversion of the property into a public park.

Dating back the late 1840s, Rocky Point Park was a popular amusement park on the Narragansett Bay side of Warwick. The approximately 120-acre property closed in 1995 and its owners filed for bankruptcy the following year.

In 2007, with state and federal support, the City of Warwick acquired a 41-acre waterfront parcel of the Rocky Point land. That redeveloped property is now open for public use.

 

 



Developers Weigh Options for “Superman Building” Makeover

10 Feb 2013, 7:44 pm

by Adriana Pop, Associate Editor

High Rock Westminster L.L.C., the owner of the 26-story Industrial Trust Tower in downtown Providence, has hired Cornish Associates to study options for re-use and redevelop the property. The Providence Business News reports that Cornish has commissioned a study to determine whether converting the city’s tallest building to residential use is physically and financially feasible.

Cornish president and CEO Arnold Chace told the Business News that he leans toward repurposing Industrial Trust Tower as a primarily residential property with 200 to 300 units. Cornish’s feasibility study is expected next month, and a final development plan could be in place this spring or summer.

David Sweetser, founder of High Rock Development L.L.C, told the newspaper that he would consider a variety of possible uses for the landmark at 111 Westminster St. “There has been a need for housing in Providence for some time, and I think this would go a long way toward satisfying that,” Sweetser explained. “Clearly there seems to be a pulse there, but I don’t know yet how viable it is. There could be other uses and a market for offices, retail and student housing.”

Completed in 1928, the Industrial Trust Tower is also known as “The Superman Building” for its resemblance to the fictional headquarters of the “Daily Planet” newspaper in the 1950s television series. High Rock Westminster L.L.C., an entity controlled by Sweetser, paid $33 million for the property five years ago. The building’s only tenant, Bank of America, will move out completely by March.

 



Omni Hotels Wraps Deal for 564-Key Downtown Westin; Rebrands as Omni Providence

26 Jan 2013, 8:11 pm

by Adriana Pop, Associate Editor

Omni Hotels & Resorts has completed the acquisition of The Westin Hotel in Downtown Providence from The Procaccianti Group. Announced in October, the sale closed late last year for a price reported by CoStar Group as $170 million.

Rebranded the Omni Providence Hotel, the 564-key property will become part of Omni’s “Convention Collection” of hotels. Currently, that portfolio includes the Omni Nashville Hotel, set to open in 2013; the Omni Dallas Hotel; the Omni Fort Worth Hotel; the Omni San Diego Hotel; the Omni Hotel at CNN Center in Atlanta; and the Omni Shoreham Hotel in Washington, D.C.

“We are pleased to add this premier property to our Convention Collection hotel portfolio and enhance our offerings along the Eastern seaboard,” said Mike Deitemeyer, president of Omni Hotels & Resorts. “We look forward to working with the city and CVB, and serving as a leader in the marketplace for years to come.”

The 328-foot-tall Omni Providence is the city’s fourth-tallest building. Completed in 1993, it is connected to the Rhode Island Convention Center and to the new Providence Place Mall. Guest amenities include 18 meeting rooms totaling 22,877 square feet of space, three restaurants, complimentary electric vehicle charging stations, a fitness center, a heated indoor swimming pool and a full-service spa.

Omni Hotels Management Corp. is managing the hotel, while Josh Heidenreich has been appointed general manager. The property is scheduled to undergo a light renovation later this year.

Photo credits: Omni Hotels



Inland Diversified Pays $29.8M for Hasbro Building in Downtown Providence

11 Jan 2013, 4:42 pm

By Adriana Pop, Associate Editor

In a $29.8 million deal, Chicago-based Inland Diversified Real Estate Trust Inc. has acquired the Hasbro Building in downtown Providence from Boston-based Berkeley Investments Inc., the Providence Journal reports. Alden Anderson and Bill Moylan of CBRE-New England arranged the transaction.

Located at 15 LaSalle Square, the 135,000-square-foot property is fully occupied by Pawtucket-based toymaker Hasbro Inc., which employs approximately 350 workers at the facility. About a year ago, Hasbro signed a 12-year lease for the space. Joseph Fallon and Michael Dalton of Cassidy Turley FHO represented the tenant in that transaction, while Berkeley was represented by Alden Anderson of CB Richard Ellis – New England.

In residential transaction news, Gustave White Sotheby’s International Realty said that two seaside properties in Westport and Jamestown commanded a combined $16.2 million.

According to the Providence Business News, the 50-acre Truesdale Farm in Westport that stretches 10 acres in Little Compton sold for $9 million on Dec. 28. The property features 1,000 feet of beachfront, a barn and a four-bedroom 1939 farmhouse. It was the highest recorded sale in Westport and Little Compton in 2012. Gustave White broker/owner Pal Leys and broker Chandler Lyell marketed the property, while Patti Salem from Barrett and Company in Lincoln, Mass. represented the buyer.

In Jamestown’s number-one residential sale for 2012, the 6.2-acre Cedar Point estate was acquired for $7.2 million on Dec. 27. Leys marketed the estate, while Gustave White agents Michelle Kirby and Kate Greenman represented the buyer.

Photo credit: www.berkeleyinvestments.com



Procaccianti Group Buys Historic Renaissance Providence Hotel

31 Dec 2012, 6:33 pm

by Adriana Pop, Associate Editor

The Procaccianti Group, a Cranston-based hotelier and development company, has acquired the Renaissance Providence Hotel from Sage Hospitality of Denver, Providence Business News, reported. Financial terms were not disclosed.

Located Downtown near the Rhode Island State House and Providence Place mall, the 237,000-square-foot, four-star hotel features 264 guest rooms and eight suites. The property opened in June 2007 in the city’s former Masonic Temple, a restored Greek Revival building dating from the 1920s. Amenities include a 24-hour fitness center, 10,000 square feet of function space and the Temple Downtown Restaurant, a ground-floor venue which will reopen under a new name in the near future.

“We are very excited about the opportunity to apply TPG’s opportunistic approach to hotel investments in our company’s home town,” commented Rob Leven, the Procaccianti Group’s chief investment officer.

Over the past 18 months, TPG has expanded its portfolio with the completion of nearly a dozen hotel agreements across the country. According to the Providence Business News, the group has also signed agreements to manage the Hilton San Antonio Airport Hotel and the Hilton Kansas City Airport Hotel. Additional deals are pending in Boston and Chicago.

In residential news, the historic six-acre-plus Hopedene waterfront estate on Newport’s Cliff Walk commanded $16 million. According to Gustave White Sotheby’s International Realty, which brokered the transaction, the price represents the highest of the year for a residential property in Rhode Island and the second highest ever.

Built between 1899 and 1902, the property includes a main house, expansive balustrade-bordered terraces, a large carriage house with guest quarters, an ocean-facing pool and spa, tennis court, gated service entrance, and a heliport approved by the Federal Aviation Administration.

Sales associate David Huberman represented the sellers, Craig and Michelle Millard, while broker/owner Paul Leys represented the buyer, Hopedene, LLC.
“This transaction certainly highlights what has been a tremendous year for high-end real estate in Rhode Island. The state has never seen a year in which so many properties of this caliber have sold, especially one in such pristine condition as ‘Hopedene,’” Leys remarked.

Photo credits: www.gogobot.com/providence-ri



After 50 Years, Preservation Group Graduates from Tenant to Owner at Colonial Schoolhouse

15 Dec 2012, 6:15 pm

by Adriana Pop, Associate Editor

After leasing the Brick School House from the city of Providence for a half-century, the Providence Preservation Society is graduating from the historic building’s long-time tenant to its new owner.

The organization is acquiring the Brick School House with the help of a $341,500 grant from The Champlin Foundations. PPS intends to repurpose the building as its Center for Preservation Education.

Located at 24 Meeting Street, the historic building was built in 1769 and was part of Providence’s civic center during the colonial era. It is one of the city’s few surviving 18th-century buildings.

PPS has invested nearly $250,000 in capital improvements. Plans call for restoration of the building’s exterior and measures to stabilize the structure. Also on the agenda is a restoration of the School House’s roof, which will be funded with the assistance of a $14,400 matching grant from the 1772 Foundation. Consultants for the renovation include Ed Wojcik Architect Ltd, Peter Borgemeister, Architect, and the landscape architecture firm of Searle and Searle.

“Throughout 50 years of occupancy and stewardship, PPS has worked to retain the character of the historically significant Brick School House,” commented James Brayton Hall, the executive director of PPS.. “By receiving the funds to purchase the building from The Champlin Foundations, we can make this historic structure a safe, accessible, and available resource for the City of Providence.”
Photo credits: www.ppsri.org



Winstanley, Surrey Buy Rhode Island Mall for $38M; Makeover in Store

17 Nov 2012, 5:25 pm

by Adriana Pop, Associate Editor

In a $38 million deal, a joint venture of Winstanley Enterprises L.L.C. of Concord, Mass. and New York-based Surrey Equities L.L.C. has acquired Rhode Island Mall in Warwick, the Providence Business News reported. Eastern Retail Properties represented the buyers of the 450,000 square-foot property, while Cushman & Wakefield Inc. represented the seller, GLL Real Estate Partners of Orlando, Fla.

In a bid to revive the 45-year-old mall, the new owners plan an interior and exterior renovation that will create larger store spaces in order to attract anchor tenants. The 225,000-square-foot enclosed portion of the center has been vacant since April 2011. Only three stand-alone anchor stores—Sears, Wal-Mart, and Kohls—are currently open.

Originally named Midland Mall, the property is New England’s oldest enclosed two-level retail center. “There is a rich history with this property, and we are very excited to breathe new life into the development by putting together a plan that will once again position the mall as a vibrant part of Warwick’s retail hub,” said Adam Winstanley, a principal of Winstanley Enterprises. The project is expected to bring about 225 construction jobs to Warwick and about 150 permanent and part-time jobs.

“We look forward to working with the business and local community as well as city officials to create new jobs as this project moves forward,” said Edward Silvera, president and principal of Surrey Equities.

 

Photo credits: FLICKR.COM USER/LACKINGFOCUS