Warwick, R.I. — Atlantic Capital Partners has arranged the $20.5 million sale of Midland Commons, a 160,448-square-foot power center located in Warwick, approximately 12 miles north of Providence. Situated on roughly 23 acres, the center is anchored by Dick’s Sporting Goods, Burlington and Planet Fitness.
Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin, Stephen Joseph, Stephen Hassenflu and Matt Ericson of Atlantic Capital Partners represented the seller and the buyer in the transaction.
An alternative asset manager provided a $15 million non-recourse acquisition loan on behalf of the borrower, Montreal-based Brasswater. Loan proceeds will be utilized to facilitate the acquisition and fund the stabilization of the property through the lease-up of two vacant suites.