Concord Developer Purchases Historic Rhode Island Mall
Concord Developer to Breathe New Life into Historic Rhode Island Mall
Concord Developer Winstanley Enterprises, LLC part of joint venture that acquire property for $38M
CONCORD, MA – New Englanders who have fond memories of the Rhode Island Mall now have more than nostalgic moments to look back on, they have future memories to create.
Winstanley Enterprises, LLC. of Concord, MA and Surrey Equities, LLC. of New York, NY have acquired the historic 450,000 square-foot Warwick, RI mall for $38 million. The seller was GLL Real Estate Partners from Orlando, FL.
The Rhode Island Mall originally opened as the Midland Mall in 1967 as the first two-level enclosed shopping mall in New England. The mall portion of the property, totaling 225,000 square-feet, has been vacant since closing in April of 2011. The remaining stand-alone retail space is currently anchored by Sears, Wal-Mart, and Kohls.
“There is a rich history with this property, and we are very excited to breathe new life into the development by putting together a plan that will once again position the mall as a vibrant part of Warwick’s retail hub,” said Adam Winstanley, a Principal of Winstanley Enterprises.
A detailed plan and renderings are premature at this time, but the development team of Winstanley Enterprises and Surrey Equities intends to renovate the interior and exterior sections of the mall. The project goal would create larger tenant spaces that cater to anchor tenants.
“We look forward to working with the business and local community as well as city officials to create new jobs as this project moves forward,” said Edward Silvera, president and principal of Surrey Equities. “We are eager to revitalize the vacant portion of the mall into a thriving retail space.”
The project is anticipated to bring about 225 construction jobs to Warwick and about 150 permanent and part time jobs once the stores open. Preliminary concept design work and permitting is scheduled to continue throughout the next six to nine months.
The Rhode Island Mall is located at 650 Bald Hill Road in Rhode Island’s retail capital of Warwick. The mall is conveniently positioned at the intersection of Route 2, I-95 and I-295.
Cushman & Wakefield represented the seller on the transaction and Eastern Retail Properties represented the buyers.
Winstanley Enterprises, LLC. currently owns and operates 43 buildings totaling approximately 5.5 million square feet throughout New England. Since the early 1990s, Winstanley has acquired in excess of 80 properties exceeding 10 million square feet of real estate throughout the eastern United States. The portfolio currently consists of a wide variety of commercial properties, including industrial/warehouse, R&D, office, Biotech, and retail.
Winstanley has completed several successful RI projects including acquisition and redevelopment of the former Hasbro Warehouse in Pawtucket, RI, and the acquisition and redevelopment of 10 Risho and 70 Catamore Blvd in the East Providence, RI industrial park.
Surrey Equities, LLC. is a real estate investment and management firm. Surrey Equities’ mission is to acquire value-added investment opportunities throughout the eastern half of the United States and create a tailored strategy to achieve goals. In conjunction with their affiliate firm, Silvera Asset Group, LLC, Surry Equities own over 1,500,000 square feet. Their portfolio consists of retail, office and flex properties.