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Court Approves Sale of 82 Acres at Rocky Point for State Park
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 R.I. Department of Environmental Management (DEM), the Court’s decision will allow for the development of a future State Park, just 10 miles away from downtown Providence. The transaction is expected to close in about one month.
The U.S. Small Business Administration, as receiver for Moneta Capital, is the current owner of the property. The acquisition will be funded through the $10 million Open Space bond approved by Rhode Island voters in 2010.
Developers Weigh Options for “Superman Building” Makeover
High Rock Westminster LLC, the owner of the 26-story Industrial Trust Tower in downtown Providence, has hired Cornish Associates to study conversion options and redevelop the property. The Providence Business News reports that Cornish has recently commissioned a feasibility study to determine whether a residential reuse of the city’s tallest building is physically and economically viable.
David Sweetser, founder of High Rock Development LLC, told the newspaper that he is also considering the possibility of creating a mix of uses for the tower. The redevelopment project could also address the city’s strong demand for student housing.
Omni Hotels Wraps Deal for 564-Key Downtown Westin; Rebrands as Omni Providence
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.”
Inland Diversified Pays $29.8M for Hasbro Building in Downtown Providence
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.
Procaccianti Group Buys Historic Renaissance Providence Hotel
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.
Procaccianti Group Buys Historic Renaissance Providence Hotel
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 […]
After 50 Years, Preservation Group Graduates from Tenant to Owner at Colonial Schoolhouse
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 […]
Winstanley, Surrey Buy Rhode Island Mall for $38M; Makeover in Store
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.
Rhode Island Housing Wins 2 Awards in National Competition
Rhode Island Housing has received the National Council of State Housing Agencies’ special achievement and communications awards. NCSHA cited the state agency’s comprehensive approach to foreclosure prevention and its efforts to forge human and electronic links with more than 60 local and national lenders in its special achievement award. Housing finance agencies nationwide compete for NCSHA awards in 18 categories. In the communications category, Rhode Island Housing was recognized for its Hardest Hit Fund Rhode Island outreach efforts. Through newsletters, targeted automatic phone messages and coordination with members of the General Assembly, the agency has encouraged attendance of free informational meetings. As a result, homeowners at risk of losing their home due to a sudden financial hardship were the beneficiaries of effective federal foreclosure assistance.
Providence’s Waldorf Capital Buys M-F Asset in Fall River
Tag Fall River Real Estate III LLC, a division of Providence-based Waldorf Capital Management LLC, has purchased a 49-unit apartment complex in Fall River, Mass. for $3.42 million, the Boston Business Journal reported. NAI Hunnema’s investment sales team represented the seller, Clearview Investments, and procured the buyer. Tag Fall River Real Estate III LLC., the affiliate that acquired the property for Waldorf Capital, bought the property at a discount of about 30 percent from the property’s most recent sale price in 2007. Located at 4000 North Main Street, Clearview Apartments is comprised of two three-level buildings containing 42 two-bedroom units and seven one-bedroom units. The apartments feature a balcony or ground-level patio overlooking the Tauton River.