Greenberg Gibbons Announces Sale of North Providence Marketplace for $21.2 Million

Baltimore, MD. (September 19, 2023) – Greenberg Gibbons announced today it sold North Providence Marketplace, a shopping center located in Rhode Island, for $21.2 million. ShopOne Centers acquired full ownership of the 112,000-square-foot property.

 

“We followed through on our promise to make significant enhancements to the shopping center, and increased its occupancy and asset value in a shorter timeframe than even expected,” said Tom Falatko, Senior Vice President of Acquisitions for Greenberg Gibbons. “We’re excited for ShopOne Centers to take ownership and are leaving the North Providence community in good hands.”

 

North Providence Marketplace was the second property acquired through the Greenberg Gibbons Real Estate Income Fund in 2021. This property exemplifies the firm’s expertise to reinvigorate an outdated shopping center to increase its value. Since acquiring the location, Greenberg Gibbons made a number of physical improvements, including repainting buildings, improving landscaping, resurfacing the parking field, and installing new signage. It also secured new leases to raise the occupancy from 82% to 87%.

 

Based in New York, ShopOne Centers is a real estate investment trust that owns and manages grocery-anchored and necessity-based shopping centers across the country. As the new owner, ShopOne will continue to support North Providence’s growth, leveraging local market knowledge and operational expertise.

 

About Greenberg Gibbons

Celebrating 55 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, owners, and operators of mixed-use, retail, commercial, and residential properties. The firm’s rapidly expanding portfolio includes more than 6.5 million square feet and $1.5 billion in assets. Its innovative ground-up development and revitalization projects create engaging destinations and inspiring experiences, while making a positive ripple effect in the communities they serve. Headquartered in Baltimore, Greenberg Gibbons has 51 projects across seven states. For more information, visit www.ggcommercial.com.