News:
Brokerage
Posted: January 24, 2013
Winstanley Enterprises and Surrey Equities acquire Rhode Island Mall
Winstanley Enterprises, LLC. of Concord, Mass. and Surrey Equities, LLC. of New York, N.Y. have acquired the 450,000 s/f Rhode Island Mall for $38 million. The seller was GLL Real Estate Partners from Orlando, Fla.
The mall portion of the property, totaling 225,000 s/f, has been vacant since closing in April of 2011. The remaining stand-alone retail space is currently anchored by Sears, Wal-Mart, and Kohls.
The project is anticipated to bring about 225 construction jobs to Warwick and about 150 permanent and part time jobs once the stores open. Preliminary concept design work and permitting is scheduled to continue throughout the next six to nine months.
Cushman & Wakefield represented the seller and Eastern Retail Properties represented the buyers.
MORE FROM Brokerage
Marcus & Millichap brokers $3 million sale of industrial property in New Hampshire’s Lakes Region
Belmont, NH Marcus & Millichap has completed the sale of a single-tenant industrial property. The asset sold for $3.05 million.
Columns and Thought Leadership
End of the year retail thoughts - by Carol Todreas
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
The rise of AI in CRE - And what it means for every skilled profession - A broker & appraiser weighs in - by Bryan Plourde
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.