X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NARRAGANSETT, RI-The Salt Pond Shopping Center here changed hands for $30.6 million. Cornerstone Real Estate Advisers acquired the 185,631-sf grocery-anchored center from Property Advisory Group.Property Advisory Group acquired the asset in 1997 for $17 million. In 2003, it backfilled a vacant Ames space with a 55,650-sf Marshall’s. The other anchor is a 60,853-sf Stop & Shop, which was renovated in 2000 and has been posting sales of about $800 per sf. Additional tenants include West Marine, Sears Appliance, Blockbuster Video, Only a Dollar and Newport Creamery. The transaction was brokered by CB Richard Ellis/Whittier Partners SVP B. William Moylan. Moylan tells GlobeSt.com the purchase price translates to a capitalization rate of 6.5% based on in-place numbers. The un-leveraged IRR on the investment is 8%. “That seems to be as low as (institutional) advisors are willing to go,” says Moylan. “The market is very active and big numbers are occurring right now.”The center is located on Route 108 at the intersection of Point Judith Road and Woodruff Avenue. Moylan says Property Advisory Group asked him to take it to market after receiving a couple of unsolicited offers for the property. “We were able to get (about $4 million) more than what they were originally offered.”In March, Inland Real Estate Group paid about $30.8 million for Warwick Centre, a new 160,000-sf power center in Warwick. The fully leased property is anchored by Barnes & Noble (28,000 sf), Dick’s Sporting Goods (49,829 sf) and Linens ‘n Things (31,180 sf) and Designer Shoe Warehouse (25,000 sf). The cap rate on the transaction, based on in-place rents, was said to be in the low 7% range. Moylan represented the seller in the transaction, Universal Properties Group of West Warwick. As part of the transaction, Universal Properties master leased the lone vacant space in the development. In February, the Rouse Co. of Columbia, MD paid $522 million in cash and assumed debt for Providence Place, a 1.3-million-sf regional shopping center in Providence that opened in 1999 as the centerpiece of the city’s Downtown revitalization plan. 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; a 16-screen cinema with an Imax theater; and a 4,500-slip parking deck.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.