Warwick, RI—Capital Group Properties of Southborough, MA announced its purchase of Warwick Center, a 160,000 SF shopping center in Warwick, Rhode Island, from Nuveen, a large institutional asset manager and also a TIAA company.
The purchase price of $12,350,000.00, marks Capital Group Properties’ first retail acquisition in the state of Rhode Island.
Capital Group Properties plans to make capital improvements to upgrade the shopping center, such as enhancements to landscaping, the parking lot, Pylon Sign, lighting and building façades.
Warwick Center is located at the intersection of Interstates 95 and 295, a prime retail hub in the state. Warwick Center is comprised of national and regional Tenants including Barnes & Noble, DSW, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant, and Walpole Outdoors.
Located in the core retail corridor in Rhode Island, Warwick Center is located on 15 acres at 1350 Bald Hill Road along the high trafficked intersection of I-95 and I-295, the prime retail and commuter corridor that sees more than 35,000 vehicles per day. It is at a signalized intersection across from a newly opened 90,000 SF Market Basket and Home Depot.
Capital Group Properties is a premier Southborough-based developer of numerous mixed-use, commercial and residential developments, including Maynard Crossing, Northborough Crossing, The Crossing at Whites Corner in Southborough, Oxford Crossing and Sharon Marketplace to name a few.
