A subsidiary of a Boston-based development company recently purchased Cranston’s Garden City Center for $181 million, according to property records.
The seller was Gateway Woodside Inc. and the buyer was Garden City Owner LLC, a subsidiary of WS Development of Boston. The sale closed on Jan. 24.
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Garden City first opened in 1948 and spans over 530,000 square feet. It includes popular restaurants and retailers such Whole Foods, lululemon, L.L. Bean, Crate & Barrel, Pottery Barn, Sephora and Williams Sonoma, among others.
Garden City has grown steadily over the past decade, expanding while attracting tenants amid renewed interest in open-air shopping plazas.
The new owners see a chance to continue building on that growth.
With commercial real estate prices in the Boston area continuing to climb, is the Garden City sale a sign the long-awaited spillover to the Rhode Island market is finally coming?
