JLL announces sale of grocery-anchored shopping center in East Greenwich, RI

BOSTON, Sept. 11, 2024 -  JLL Capital Markets announced today that it has arranged the sale of East Greenwich Square, a best-in-market, grocery-anchored shopping center in East Greenwich, Rhode Island.

JLL represented the seller and procured the buyer, a joint venture between Brand Street Properties and Regency Centers Corporation (REG).

Strategically positioned at 1000 Division St., East Greenwich Square is located in Rhode Island's most affluent town with average household incomes of $212,000. The property is conveniently located and accessible to a local customer base via Division Street and Route 2 and offers easy access to I-95, making it highly accessible to a broader demographic. The property benefits from a population of approximately 113,000 residents within a five-mile radius with buying power of approximately $2.6 billion.

East Greenwich Square consists of 158,709 square feet of leasable space situated on 20.59 acres. The center is currently 97% occupied and anchored by Dave's Fresh Marketplace, Le's Isle Rose, Healthtrax, Bank Newport and McDonald's. Dave's Fresh Marketplace is RI's premier independent grocery store chain with locations across Rhode Island offering fresh foods, produce and prepared goods to a passionate and loyal customer base.

JLL Capital Market's Investment and Sales Advisory team representing the seller was led by Senior Managing Director Chris Angelone, Managing Director Bill Moylan and Director Zach Nitsche with assistance from Vice President Jessica Dowd and Analyst Sam Wiesman.

"East Greenwich Square is one of the highest quality and top performing grocery anchored shopping centers in the state of Rhode Island. It was highly sought after by top tier institutional and private investors nationwide validating the quality of the asset, and investors' conviction around best in class retail", Angelone said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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