Inland Buys 160,000-SF Power Center

WARWICK, RI-Warwick Centre, a new 160,000-sf power center here has been sold to Inland Real Estate Group. The Oak Brook, IL-based retail REIT paid for just under $30.8 million for the 100% leased property, which is anchored by Barnes & Noble (28,000 sf), Dick’s Sporting Goods (49,829 sf) and Linens & Things (31,180 sf) and Designer Shoe Warehouse (25,000 sf). The cap rate on the transaction, based on in-place rents, is said to be in the low 7% range.

“Warwick is the second largest city in Rhode Island and is known as the state’s retail capital,” says Lou Quilici, senior vice president of Inland Real Estate Acquisitions, Inc. “This center is filled with great places to shop and it would be tough to find a better location.”William Moylan and Chris Angelone of CB Richard Ellis/Whittier Partners in Boston represented the seller, 1324 Bald Hill Road LLC. Angelone declined to further identify the seller, however; other local brokers tell GlobeSt.com the seller was Universal Properties Group of West Warwick, which matches information held by the Secretary of State’s office. As well, the brokers tell GlobeSt.com that Universal Properties master leased the lone vacant space as part of the deal.