Ventas purchases South Street Landing, surrounding properties, for $151M

VENTAS INC, the real estate partner for Wexford Science & Technology LLC, has announced its purchase of the South Street Landing property and surrounding sites for $151 million. / COURTESY VENTAS
A RIBBON CUTTING took place at the South Street Landing project, which is now largely occupied. / COURTESY VENTAS

PROVIDENCE – Ventas Inc., the real estate partner for Wexford Science & Technology LLC, has announced its purchase of the South Street Landing property and surrounding sites for $151 million, according to a news release.
The sale includes a 269,000-square-foot historical building, now under renovation for Brown University administrative offices, and the Nursing Education Center, a combined effort of the University of Rhode Island and Rhode Island College, as well as the parking garage under construction on Eddy Street.
Those two properties were sold for $130 million, and purchased from affiliates of Blackstone Real Estate Partners VIII L.P., according to the release issued Tuesday by Chicago-based Ventas.
Adjacent sites were also included in the acquisitions announced Tuesday, although not identified. They were acquired “for development and redevelopment to support the demand from universities and research companies at the campus for life science, medical and innovation purposes.”
The additional sites were acquired for $21 million, the statement said.
Wexford Science & Technology LLC intends to develop a 174-unit student housing residence on the campus for graduate, medical and upper-level nursing students, Ventas stated. That development will be placed over the existing parking lot, and is expected to begin once the garage is opened.
None of the property transactions had been recorded by Wednesday at the Providence Registry of Deeds.
The South Street Landing development, on the Providence River, is expected to be fully occupied by late 2017, Ventas reported.
Ventas, a real estate investment trust, completed its acquisition of the existing real estate portfolio of Wexford Science & Technology last year.
Although the properties have not closed, across Eddy Street, Wexford Science & Technology is planning to occupy two lots of the Interstate 195 Redevelopment District to create a biological science, technology and mixed-use complex.
That project has a first phase valued at $158 million, which will include a 170-room hotel with event space and a seven-story, 191,000-square-foot Innovation Building, which would include 66,000 square feet for the Cambridge Innovation Center.
An existing building on adjoining property, at 1 Ship St., has already been purchased by a Wexford-affiliated LLC, for $3.475 million. It will be the temporary location for Johnson & Johnson in Rhode Island, which recently announced it is opening a health technology center in Providence.

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