Done Deals: HFF closes $33.35 million sale of Rhode Island Mall in Warwick, RI

Tuesday, December 3, 2013

HFF closes $33.35 million sale of Rhode Island Mall in Warwick, RI

Rhode Island Mall, 650 Bald Hill Road, Warwick, RI

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a 226,515-square-foot retail condominium interest in the Rhode Island Mall center located in Warwick, Rhode Island.

Andrew Scandalios

HFF marketed the property on behalf of the seller, Winstanley Enterprises, LLC. A private investor purchased the asset for $33.35 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.

James Koury

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.

Kevin O'Hearn

According to Cruz, “Winstanley Enterprises took advantage of strong demand for well located, net leased retail product. The term and credit of the tenants attracted a wide array of buyers.”

Winstanley Enterprises, LLC is a real estate investment and development firm that currently owns and operates 43 buildings totaling approximately 5.5 million square feet throughout the Northeast.

Jeffrey Julien

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 currently consists of a wide variety of commercial properties, including industrial/warehouse, R&D, office, biotechnology lab, and retail properties.