THE GROSSMAN COMPANIES, INC. ACQUIRES MARKETPLACE CENTER IN WARWICK, RI
Anchor Tenants at Premier Property Are LA Fitness and Michael’s
BOSTON, MA & WARWICK, RI — Two recent side-by-side commercial property deals illustrate the long-term opportunistic investment strategy of The Grossman Companies, Inc., of Quincy, Mass.
In a strategic move designed to upgrade its commercial real estate holdings while diminishing risk, in May, an affiliate of The Grossman Companies sold a 24,360 square-foot retail plaza at 1400 Bald Hill Road in Warwick, Rhode Island and on June 26 acquired the adjacent 1500 Bald Hill Road plaza known as Marketplace Center. 1400 Bald Hill Road was sold for $4.35 million. Mike D’Hemecourt, Managing Director and Senior Partner of Boston Realty Advisors, procured the buyer.
Making the sale and acquisition announcement was Jake Grossman, Co-President of The Grossman Companies. He said, “The acquisition of 1500 Bald Hill Road provided us with an opportunity to upgrade the quality of real estate, tenancy and cash flow that we own in Warwick. The two anchor tenants, LA Fitness and Michael’s together account for more than 85% of the leasable space with meaningful lease terms remaining. This acquisition is in line with our goal of reducing asset level risk in new investments.” Just 3,440 square feet of retail space remains vacant. This stable acquisition comes on the heels of the firm’s acquisition of a 366 unit self-storage facility in Boston, MA, in March.
Located near the midpoint of Rhode Island’s most robust retail corridor, 1500 Bald Hill Road enjoys easy access to Routes I-95 and I-295. Lender for the purchase of 1500 Bald Hill Road is HarborOne Bank, which was procured by debt experts Kyle R. Juszczyszyn and Chris Coutts of CBRE Capital Markets. The investment sale brokers who represented the seller of 1500 Bald Hill Road were Rob Griffin, Jr., Geoff Millerd, and Justin Smith of Cushman & Wakefield.
The Grossman Companies has a long history in Rhode Island, beginning with many stores in the family’s lumber and building materials chain that pioneered the do-it-yourself philosophy until the mid-20th century. During the 1970’s, the company transformed into a commercial real estate firm whose Rhode Island portfolio includes the Kingstown Plaza and Millcreek Townhouses, both in North Kingstown, RI. In addition to commercial property deals in Massachusetts, the company has expanded its reach to office, retail and industrial properties in Connecticut.
Leasing for Marketplace Center is being handled by Atlantic Retail Properties. For leasing information, contact Ben Starr. For more information about The Grossman Companies, Inc., contact firstname.lastname@example.org / (617) 472-2000 / www.grossmanco.com .