BOSTON – JLL Capital Markets announced that it has completed the sale of Warwick Center, a 160,000 square foot regional shopping center located in Rhode Island’s dominant retail market in the Providence-area community of Warwick.
JLL represented the seller and Capital Group Properties LLC acquired the asset.
Completed in 2005, Warwick Center is home to a mix of strong national credit tenants and destination retailers including DSW, Ulta Beauty, Barnes & Noble, Party City, The Edge Fitness Club, Carrabba’s Italian Grill and Walpole Woodworkers.
Warwick Center is located on 23.17 acres at 1324 Bald Hill Rd. (Route 2) in Warwick, a growing town 20 km from downtown Providence. The center sits along the state’s dominant retail corridor, which draws shoppers from as far away as 20 miles. This central location is two miles south of the Interstate 95/295 interchange, providing super-easy regional access.
According to JLL Research, the retail recovery is well underway thanks to a resurgence in in-person shopping. Suburban malls like the Warwick Center have seen a faster recovery than urban retail, with foot traffic above 2019 levels.
JLL Capital Markets’ investment sales advisory team representing the seller was led by managing directors Nat Heald and Bill Moylan, senior managing director Chris Angelone and partner Zach Nitsche.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.