The asset is Providence Place, which opened in in 1999 as the centerpiece of the city's Downtown revitalization plan. As part of that initiative, a new roadway network was constructed, Amtrak rail lines were lowered and the convergence of three rivers was relocated. In addition to Providence Place, the effort has attracted new hotels and office buildings.

Providence Place includes 420,000 sf of mall space that is 98% occupied; 115,000-sf of larger, street-facing shops; a 200,000-sf Filene's department store; a 197,000-sf Nordstrom department store; a 126,000-sf Lord & Taylor department store; a 16-screen cinema with an Imax theater; and a 4,500-slip parking deck. There are more than one million residents within 15 miles of the property.

The amount of debt assumed in the acquisition was not revealed in the company's announcement and Rouse's VP of investor relations David Tripp did not return phone or e-mail queries seeking the information. The seller of Providence Place is Providence Place Group LP. According to the Rhode Island Secretary of State's office, the general partner is Providence Place LLC, which lists its address as the management office within Providence Place. When reached for comment, John Charters, the listed contact, declined to be interviewed.