Maryland company buys North Providence Shaw’s plaza for $18.6M

Real estate investment and development firm Greenberg Gibbons announced that it bought North Providence Marketplace for $18.6 million. The property includes Shaw's supermarket at 15 Smithfield Road. / COURTESY GREENBERG GIBBONS
Real estate investment and development firm Greenberg Gibbons announced that it bought North Providence Marketplace for $18.6 million. The property includes Shaw's supermarket at 15 Smithfield Road. / COURTESY GREENBERG GIBBONS

NORTH PROVIDENCE – A shopping plaza in North Providence anchored by a Shaw’s Supermarket is under new ownership, according to an announcement by a Maryland-based real estate investment group.

Greenberg Gibbons, a major investor, developer and manager of retail, mixed-use properties in the mid-Atlantic region, announced that it bought the North Providence Marketplace that includes the Shaw’s supermarket at 15 Smithfield Road. A company spokesperson said Greenberg Gibbons paid $18.6 million for the property.

The 112,000-square-foot plaza also features Dollar Tree, Sally Beauty Supply, H&R Block, and EbLens.

The North Providence Marketplace plaza was constructed in 1995 on three parcels totaling 12.5 acres, and it was last owned by a company called North Providence LLC, according to town records. The buildings and the three parcels were last assessed by the town to have a total value of $12.9 million.

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A spokesperson for Greenberg Gibbons said the company bought both the buildings and the land.

This is the first major property acquisition for Greenberg Gibbons in Rhode Island, the company said.

Greenberg Gibbons announced the acquisition of the North Providence plaza in a statement celebrating the company’s purchase of another plaza property as well, the 92,000-square-foot Westminster Crossing East shopping center in Carroll County, Md. The properties were acquired through Greenberg Gibbons Real Estate Income Fund I, which the company recently formed to strategically acquire shopping centers mostly throughout the East Coast.

“It’s exciting to expand into Rhode Island with the acquisition of North Providence Marketplace,” said Thomas Falatko, senior vice president of acquisitions for Greenberg Gibbons. “Both of these shopping centers are strong assets with opportunity to add new concepts and create greater value.”

Greenberg Gibbons, which was founded in 1968, said it has developed and managed a portfolio of more than 10.6 million square feet of properties.

The North Providence Marketplace is currently 82% leased, Greenberg Gibbons said.

“Our team is actively pursuing additional opportunities where we can use our strengths in leasing, redevelopment and management to create value for our investors,” said Greenberg Gibbons President Eric Walter. “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.”

Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com.

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