Winstanley, Surrey Buy Rhode Island Mall for $38M; Makeover in Store
In a $38 million deal, a joint venture of Winstanley Enterprises L.L.C. of Concord, Mass. and New York-based Surrey Equities L.L.C. has acquired Rhode Island Mall in Warwick, the Providence Business News reported. Eastern Retail Properties represented the buyers of the 450,000 square-foot property, while Cushman & Wakefield Inc. represented the seller, GLL Real Estate Partners of Orlando, Fla.
In a bid to revive the 45-year-old mall, the new owners plan an interior and exterior renovation that will create larger store spaces in order to attract anchor tenants. The 225,000-square-foot enclosed portion of the center has been vacant since April 2011. Only three stand-alone anchor stores—Sears, Wal-Mart, and Kohls—are currently open.
Originally named Midland Mall, the property is New England’s oldest enclosed two-level retail center. “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. The project is expected to bring about 225 construction jobs to Warwick and about 150 permanent and part-time jobs.
“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.
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