JLL closes sale of Lincoln Commons for $55,750,000
Grocery-anchored regional shopping center in Lincoln, Rhode Island sells to Acadia
BOSTON, July 22, 2019 – On behalf of Highlands REIT, JLL’s Retail Capital Markets team today announced the sale of Lincoln Commons for $55.7 million to Acadia Strategic Opportunity Fund V, a fund managed by Acadia Realty Trust.
As stated by JLL Executive Vice President, Nat Heald: “we were very pleased to play a role in this significant transaction. Lincoln Commons is a well-established shopping center with thriving tenants, it was a pleasure working with both the buyer and seller towards a successful closing.”
Lincoln Commons is a 578,790 SF grocery-anchored open-air shopping center featuring a strong lineup of national tenants, including a high-volume Stop & Shop, Target (shadow anchor), Marshalls and HomeGoods. Just 8 miles from downtown Providence, Lincoln Commons is located at the heavily traveled I-295/Route 146 intersection. A variety of established food and entertainment tenants (including the region’s only cinema and entertainment center) generates steady traffic to the property throughout the day.
Executive Vice President Nat Heald and Managing Director Chris Angelone led the JLL team on the transaction.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About the Buyer
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – core and fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.