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| Rhode Island Mall, 650 Bald Hill Road, Warwick, RI |
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| Steve Simonelli |
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA
02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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