TA Realty Sells Rhode Island Shopping Center for $181M

A joint venture purchased the Whole Foods-anchored, 530,629-square-foot retail asset in Greater Providence.
Garden City Center
Garden City Center. Image via Google Street View

WS Development and CrossHarbor Capital Partners have purchased Garden City Center, a 530,629-square-foot shopping center in Cranston, R.I., from a public pension fund advised by TA Realty. Newmark Knight Frank assisted the seller in the disposition of the Whole Foods-anchored asset. According to the Boston Globe citing public records, the property traded for $181 million. 

Located at 100 Midway Road in Greater Providence, Garden City Center is part of a larger trade area spanning more than two miles along New London Avenue. The retail hub is some 7 miles southwest of downtown Providence, between interstates 295 and 95, serving a population of approximately 1.6 million with an average household income of $86,000.

First opened in 1948, the retail center features 90 shops and restaurants. Aside from Whole Foods, the tenant roster also includes lululemon, L.L. Bean, Crate & Barrel, Pottery Barn, Sephora and Williams-Sonoma.

NKF Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd, Senior Managing Director Justin Smith, Director Paul Penman and Senior Financial Analyst Samantha Torto brokered the transaction. Millerd was also involved in the $46.5 million sale of a 256,804-square-foot shopping center in Simsbury, Conn.