BOSTON– JLL Capital Markets announced that it has closed the sale of Warwick Center, a 160,000-square-foot regional shopping center 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 positioned on 23.17 acres at 1324 Bald Hill Rd. (Route 2) in Warwick, a growing city 12 miles from downtown Providence. The center is along the state’s dominant retail corridor, which draws shoppers from as far as 20 miles away. This central location is two miles south of the Interstate 95/295 interchange, providing easy super-regional access.
According to JLL Research, the retail recovery is well underway thanks to a resurgence of in-person shopping. Suburban shopping centers like Warwick Center have seen a faster recovery than urban retail, with foot traffic above 2019 levels.
The 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 Associate Zach Nitsche.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
