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.
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?
