Atlantic Capital Partners closes $20.5 million sale of Midland Commons

Warwick, RI Atlantic Capital Partners negotiated the sale of Midland Commons, a power center condominium. The 160,448 s/f asset is anchored by nationally recognized tenants, including Dick’s Sporting Goods, Burlington, and the #1 most visited Planet Fitness location in the state. 

Positioned off Bald Hill Rd. (RI-3), one of the region’s dominant retail corridors, the property benefits from strong visibility and accessibility, with traffic counts of 13,700 vehicles per day on Bald Hill Rd. and over 24,000 vehicles per day along nearby I-295.

The transaction was led by Justin Smith, head of capital markets; Chris Peterson, executive vice president; Sam Koonce, vice president; Danielle Turpin, senior associate; Stephen Joseph, vice president; Stephen Hassenflu, vice president; and Matt Ericson, associate. Atlantic Capital Partners exclusively represented the seller and the buyer in the transaction.

Midland Commons features institutional-quality construction and long-term anchor tenancy, offering durable cash flow and value-add potential through the lease-up of the 23,508 s/f of remaining vacancy.

Peterson said, “The asset generated significant interest through a highly competitive bidding process. Private investors were primarily drawn to the center’s exceptional credit profile, robust historical performance, and the long-term stability of the existing rent roll.

Situated on 23.17 acres, Midland Commons serves a dense and affluent regional trade area, with more than 181,000 residents within a five-mile radius. The property is widely recognized as one of the most prominent retail destinations in the Greater Providence market. 

Smith said, “As one of New England’s dominant retail corridors, the asset features exceptionally productive locations for Dick’s Sporting Goods, Burlington, and Planet Fitness, affording ownership and durable long-term cash flow.”

The $15 million acquisition loan for Midland Commons was done on behalf of Brasswater, a real estate investment and development firm based in Montreal, Canada. The financing, provided by a prominent alternative asset manager, was structured on a non-recourse basis at a competitive interest rate. Loan proceeds will be utilized to facilitate the acquisition and fund the stabilization of the asset through the lease-up of two currently vacant suites.

“Midland Commons represents an exceptional addition to Brasswater’s expanding U.S. portfolio,” said Joseph. “We were pleased to secure a tailored, non-recourse financing solution that provides our client with the flexibility to execute their value-add strategy and finalize the lease-up of this dominant retail destination.”