A press release explains:
In a large transaction, Ventas Inc. of Chicago acquires South Street Landing 350 Eddy Street, South Street Landing Garage 330 Eddy Street, 1 Ship Street, and 2-3 Davol Square on March 14, 2017.
Wexford Asset Management, a subsidiary of Wexford Science + Technology, of Baltimore remains as the asset manager and development leader.
Cushman & Wakefield US Inc. has been engaged to manage and operate all the above mentioned properties. Cushman & Wakefield is headed up locally by Thomas J Donovan, Director of Asset Services, Providence Foundation, and Jewelry District Board Member.
By way of introducing themselves, Ventas issued the following statement:
As a leading real estate investment trust (REIT) with a highly diversified portfolio of nearly 1,300 seniors housing and healthcare properties in the United States, Canada and the United Kingdom, Ventas is excited to operate at the intersection of two powerful and dynamic industries – healthcare and real estate. We benefit from the highly fragmented $1 trillion healthcare real estate market. Plus, longevity, demographic trends and healthcare policy are driving demand for the care provided at our properties.
Since January 1, 2000, Ventas has delivered an industry-leading compound annual total return to shareholders of 25 percent, significantly outperforming both the S&P 500 and the MSCI US REIT indices. At the same time, we have maintained a strong balance sheet. To learn more about Ventas, click HERE.
In other developments, Kate Bramson in today's Providence Journal describes an issue that is threatening the tax stabilization agreement for part of this complex project. Delays in completing permitting for the residential units to be built in the Davol Square parking lot have led to a missed deadline with the City Council. The Projo article also provides further details on the Ventas purchase HERE.