Owings Mills, Md. (September 29, 2021) — Greenberg Gibbons, one of the Mid-Atlantic region’s premier investors, developers, and managers of retail, mixed-use and flex properties, announced today that it has acquired two shopping centers for $34.6 million. North Providence Marketplace is a 112,000-square-foot grocery-anchored center located in North Providence, RI. Westminster Crossing East is a 92,000-square-foot shopping center in Carroll County, Md.
The two properties were acquired through the Greenberg Gibbons Real Estate Income Fund I, which was recently formed to strategically acquire shopping centers throughout the East Coast, Southeast and premier Midwest markets.
“It’s exciting to expand into Rhode Island with the acquisition of North Providence Marketplace and to take ownership of Westminster Crossing East, which is a property we have been managing and developed over 15 years ago,” said Thomas Falatko, Senior Vice President of Acquisitions at Greenberg Gibbons. “Both of these shopping centers are strong assets with opportunity to add new concepts and create greater value.”
North Providence Marketplace is anchored by a high performing Shaw’s Grocery Store. The center is currently 82 percent leased and features service-oriented retailers including Dollar Tree, Sally Beauty Supply, H&R Block, and EbLens. Westminster Crossing East is located minutes from McDaniel College and the historic district of Westminster. It features several national retailers including Marshalls, Bed Bath & Beyond, Ulta Beauty and Panera Bread.
“We’re thrilled that within six months of closing our initial Fund, we have completed these two acquisitions that align so well with our strategic investment criteria,” said Eric Walter, Greenberg Gibbons President. “Our team is actively pursuing additional opportunities where we can use our strengths in leasing, redevelopment and management to create value for our investors.”
The Greenberg Gibbons Real Estate Income Fund team is actively seeking investments with a focus on essential, retail-driven shopping centers including value-add grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.
About Greenberg Gibbons
Celebrating more than 50 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, and owners of mixed-use, retail, and flex/R&D properties. The company has developed and managed a portfolio of more than 10.6 million square feet of properties. Its signature projects include the award-winning Hunt Valley Towne Centre, Annapolis Towne Centre, Waugh Chapel Towne Centre, Foundry Row, and Towson Row. For more information, visit www.ggcommercial.com.