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, which will likely close; a 16-screen cinema with an Imax theater; and a 4,500-slip parking deck. The mall is located immediately adjacent to Interstate 95, which provides direct access to the mall's parking garage, and one-half block away from the Providence Amtrak station, which provides commuter and high-speed rail to Boston and Manhattan.

"The mall has significant near-term upside potential based on the successful re-tenanting of 126,000 square feet currently occupied by Lord & Taylor and The Rouse Company's ability to increase mall store rents," says Todd Stressenger. Stressenger, a senior managing director Holiday Fenoglio Fowler's Boston office, represented the seller in the transaction along with HFF executive managing director John Fowler and senior real estate analyst Greg LaBine.

Providence Place 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.