News release

Rhode Island regional shopping center trades

JLL Capital Markets completed the sale of Warwick Center near Providence

March 31, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

BOSTON, March 31, 2022 – 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.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Capital Group Properties

Capital Group Properties is a full service real estate development company headquartered in Southborough, Massachusetts. Capital Group Properties specializes in the permitting, construction and property management of commercial, residential, retail, and industrial developments throughout Massachusetts.