CBRE arranges sale of three retail properties at 989 Centerville Rd. to Curbline Properties

Warwick, RI CBRE has arranged the sale of three retail properties totaling 14,827 s/f at 989 Centerville Rd. Curbline Properties purchased the properties from affiliates of Sand Point Companies.

CBRE’s Robert Thompson, Matthew Gorman, Michael Shover, Thomas Finnegan and Nick Holtz represented the seller and procured the buyer.

“This transaction underscores the continued demand from institutional investors for newly developed retail properties in premier locations,” said Thompson. “Through an off-market strategy, we were able to identify the buyer directly and execute a seamless sale for our client.”

Situated within the city’s Bald Hill Rd. retail corridor, the properties are leased to a mix of national tenants, including Citizens Bank, CAVA, Shake Shack and Veterinary Emergency Group. The transaction was part of the final phase of a coordinated two-part disposition following the redevelopment of the former TGI Fridays site.

“This sale represents the end of a successful, five-year redevelopment effort for these properties,” said Steve Hardy, principal of Sand Point Companies. “CBRE’s ability to identify the right buyer and manage a two-phase sale strategy enabled us to maximize value while achieving our business objectives, marking a major milestone for our company and seeding future investments within the communities in which we serve.”