Rhode Island Mall sold to Baltimore company

RHODE ISLAND MALL has been sold to a Baltimore company with a history of revamping distressed retail properties. / FLICKR.COM USER/LACKINGFOCUS
RHODE ISLAND MALL has been sold to a Baltimore company with a history of revamping distressed retail properties. / FLICKR.COM USER/LACKINGFOCUS

WARWICK – The Rhode Island Mall has been sold to a Baltimore company with a history of revamping distressed retail properties.
MCB Real Estate LLC completed the closing of the 160,000-square-foot property Thursday, said David Frederick, the company’s managing partner, in an email message. He did not disclose the plans for renovation, but in May he said the initial thought was a conversion to “junior box” retailers.
These could include stores such as Ross, Burlington Coat Factory or TJ Maxx, he has said, or similar retailers that have a footprint of 20,000 square feet to 50,000 square feet.
The purchase price was not disclosed.
The property represents the interior space of the mall, which has been closed to the public for several years. The sale did not include the adjoining retailers, Wal-Mart, Sears and Kohl’s, which had been sold in 2013.
The property was sold by Winstanley Enterprises LLC, of Concord, Mass. and Surrey Equities LLC, of New York.
Those companies had purchased the mall in 2012 for $38 million.
MCB owns several retail properties in the Middle Atlantic, South and Midwest, but this would be its first acquisition in New England.

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