BOSTON — Atlantic Capital Partners has announced the $20.5 million sale of Midland Commons, a 160,448-square-foot retail power center condominium in Warwick anchored by national tenants including Dick’s Sporting Goods, Burlington, and Planet Fitness.
Located just off Bald Hill Road, one of Rhode Island’s busiest retail corridors, Midland Commons benefits from strong regional visibility and accessibility, with approximately 13,700 vehicles traveling Bald Hill Road daily and more than 24,000 vehicles per day along nearby Interstate 295.
Atlantic Capital Partners represented both the buyer and seller in the transaction. The deal team included Justin Smith, Head of Capital Markets; Chris Peterson, Executive Vice President; Sam Koonce, Danielle Turpin, Stephen Joseph, Stephen Hassenflu, and Matt Ericson.
The property sits on 23.17 acres and serves a densely populated trade area with more than 181,000 residents within a five-mile radius. Company officials described Midland Commons as one of the Greater Providence region’s dominant retail destinations.
Chris Peterson said the property attracted substantial investor interest during a competitive bidding process because of its tenant roster, operating performance, and long-term stability.
“Private investors were primarily drawn to the center’s exceptional credit profile, robust historical performance, and the long-term stability of the existing rent roll,” Peterson said in a statement.
The center also offers future upside through the lease-up of approximately 23,508 square feet of vacant space.
Justin Smith said the property’s tenant mix and location position it for durable long-term performance.
“As one of New England’s dominant retail corridors, the asset features exceptionally productive locations for Dick’s Sporting Goods, Burlington, and Planet Fitness, affording ownership durable long-term cash flow,” Smith said.
The acquisition was financed with a $15 million non-recourse loan arranged on behalf of Brasswater, a Montreal-based real estate investment and development company expanding its U.S. portfolio.
Atlantic Capital Partners said financing was provided by a prominent alternative asset manager and structured at a competitive interest rate. Loan proceeds will support both the acquisition and ongoing stabilization of the property through the lease-up of two vacant suites.
“Midland Commons represents an exceptional addition to Brasswater’s expanding U.S. portfolio,” said Stephen Joseph, vice president at Atlantic Capital Partners. “We were pleased to secure a tailored, non-recourse financing solution that provides our client with the flexibility to execute their value-add strategy and finalize the lease-up of this dominant retail destination.”
