NAI/MG Commercial Real
Estate.
- Centre of New England Business Park (400 acres) on Route 95 in Coventry/West Greenwich continues to deliver a quality industrial product for lease at an above market rental rate, and they continue to get the national tenants.
- Harvard Pilgrim Healthcare closed its operations in the Rhode Island area and sold off its 110,000 square feet of real estate for close to $7,000,000.
- As with Centre of New England above, Highland Corporate Park, home of CVS, on the Cumberland/Woonsocket line continues to deliver a beautiful setting with very nice buildings, landing companies such as Tiffany and IKON Office Solutions in 2000.
- The relocation of Route 195 through Providence is under way meaning the displacement of many tenants in the buildings being razed. Many have committed to spaces, but others have waited and are trying to make deals at the 23rd hour.
- Although the stock market has pushed the Internet/high tech stocks to the bottom, there are still many companies in the Providence area looking for space or expanding, including telecommunication collocation businesses (colos), because of the access to fiber being laid down in Providence and running through the city in certain areas.
- The 600,000 square foot retail development at the intersection of Routes 44 and 295 in Smithfield, being developed by S.R. Weiner from Chestnut Hill, finally received court approval to go forward after a lengthy legal battle with the people of the town.
With the complete lack of modern industrial space in this market, new construction finally took off in 2000, with new development in many of the industrial parks and planned development for 2001. - The 1,275,000 square foot, Providence Place Mall, built in 1999, seems to have become a 2000 success. It is presently 95% leased.
- Lincoln Mall (525,000 square feet), at Routes 146 and 295 changed hands in 2000. Substantial improvements and tenant changes are being made which should bring the 1970’s mall into the 21st century.
- Fidelity Investments and CVS continue to absorb large amounts of office space in northern Rhode Island, 500,000 square feet in 2000.
- Many spec office developments have come on line in 2000 or are planned for this year. Smithfield, East Greenwich, Highland Park and East Providence are among locations with new office space planned or recently available.
- Downtown Providence saw a resurgence of interest in residential development. Plans for a commercial development by Starwood/Wasserman across from Providence Place have been changed to a high-rise residential complex and smaller condominium rehabs have been selling for upwards of $1 million for 2,500 square foot units.
(Compiled by Michael J. Giuttari, of NAI/ MG Commercial Real Estate.)
