WARWICK, RI-HFF has closed the sale of a 226,515-square-foot retail condominium interest in the Rhode Island Mall, located in Warwick, RI. HFF marketed the property on behalf of the seller, Winstanley Enterprises. A private investor purchased the asset for $33.4 million, or $147.23 per square foot. The third condominium unit (the attached vacant mall) was not included in the sale.
The Rhode Island Mall includes a 136,000-square-foot Walmart and a 90,515-square-foot Kohl's that were built in 2000 and 2002, respectively. The property is located at 650 Bald Hill Road (Route 2) at the intersection of Interstates 295 and 95 in Warwick.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and James Koury, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Steve Simonelli.
“Winstanley Enterprises took advantage of strong demand for well located, net leased retail product,” asserts Cruz. “The term and credit of the tenants attracted a wide array of buyers.”
Winstanley Enterprises currently owns and operates 43 buildings totaling approximately 5.5 million square feet throughout the Northeast. Since the early 1990s, Winstanley has acquired in excess of 80 properties exceeding 10 million square feet of real estate throughout the eastern United States. The portfolio consists of a wide variety of commercial properties, including industrial/warehouse, R&D, office, biotechnology lab, and retail assets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
