{"id":1004169520,"date":"2017-03-16T03:19:14","date_gmt":"2017-03-16T11:19:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004169520"},"modified":"2025-02-19T02:52:59","modified_gmt":"2025-02-19T10:52:59","slug":"blackstone-sells-value-add-medical-campus-in-providence","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/","title":{"rendered":"Blackstone Sells Value-Add Medical Campus in Providence"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<p><strong>Providence, R.I.<\/strong>\u2014Ventas Inc. has purchased a life science, research and medical campus in Providence, R.I., from affiliates of Blackstone Real Estate Partners VIII LP, the Chicago-based REIT announced Tuesday.<\/p>\n<div id=\"attachment_1004169521\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004169521\" data-attachment-id=\"1004169521\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/south-street-landing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"South Street Landing\" data-image-description=\"&lt;p&gt;South Street Landing&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;South Street Landing&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg?w=800\" class=\"wp-image-1004169521 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg\" alt=\"South Street Landing\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004169521\" class=\"wp-caption-text\">South Street Landing<\/p><\/div>\n<p>The acquisition\u2019s nearly $130 million price tag covered South Street Landing, a redeveloped 269,000-square-foot former municipal power station, as well as an adjacent newly constructed 744-car parking garage. The building is 100 percent leased to Brown University for academic administrative offices and the Nursing Education Center, an initiative between Rhode Island College and University of Rhode Island\u2019s nursing programs.<\/p>\n<p>The redevelopment, on the waterfront of the Providence River at South Street, reportedly is nearly complete and expected to be fully occupied by late 2017. The property will host advanced medical teaching labs and simulation facilities, among other uses. The building, also formerly known as the Dynamo House, had been vacant since 1999. The site is in the city\u2019s Jewelry District, across the Providence River from Brown\u2019s main campus.<\/p>\n<p>The acquisition also includes adjacent sites targeted for development and redevelopment to support the demand from universities and research companies at the campus for life science, medical and innovation purposes. The purchase price for these additional sites was $21 million.<\/p>\n<p>Ventas funded the transaction using cash on hand and other capital sources. The company did not respond to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n<p>Wexford Science &amp; Technology LLC intends to separately develop River House, a 174-unit student residence on the campus for graduate, medical and upper-level nursing students.<\/p>\n<p>Brown University indicated that its space in South Street Landing will be occupied by more than 500 administrators who currently work from offices located in the Jewelry District and in College Hill, near the main campus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ventas is the new owner of the historic property, which includes South Street Landing, a redeveloped 269,000-square-foot municipal power station anchored by Brown University.<\/p>\n","protected":false},"author":882,"featured_media":1004169521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,21742,10,21747],"tags":[32892,33129,34451],"class_list":["post-1004169520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-latest","category-northeast","category-office","tag-blackstone","tag-the-blackstone-group","tag-ventas-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Blackstone Sells Value-Add Medical Campus in Providence - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/","og_locale":"en_US","og_type":"article","og_title":"Blackstone Sells Value-Add Medical Campus in Providence","og_description":"Ventas is the new owner of the historic property, which includes South Street Landing, a redeveloped 269,000-square-foot municipal power station anchored by Brown University.","og_url":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-03-16T11:19:14+00:00","article_modified_time":"2025-02-19T10:52:59+00:00","og_image":[{"width":800,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/","url":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/","name":"Blackstone Sells Value-Add Medical Campus in Providence - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg","datePublished":"2017-03-16T11:19:14+00:00","dateModified":"2025-02-19T10:52:59+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/South-Street-Landing.jpg","width":800,"height":600,"caption":"South Street Landing"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-value-add-medical-campus-in-providence\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Blackstone Sells Value-Add Medical Campus in Providence"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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