Home Economy Economic Activity Midland Commons in Warwick sold to Canadian real estate company for $20.5M

Midland Commons in Warwick sold to Canadian real estate company for $20.5M

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PBN Staff

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05/28/2026

Basswater Inc. — MIDLAND COMMONS, a 160,448-square-foot retail and condominium center on Bald Hill Road in Warwick, has been sold to Montreal-based Brasswater Inc. for $20.5 million.

WARWICK – Midland Commons, a 160,448-square-foot retail and condominium center on Bald Hill Road, has been sold to a Montreal-based real estate company for $20.5 million, according to a report by Boston Real Estate Times. Atlantic Capital Partners of Boston represented both the buyer, Brasswater Inc., and seller, Winstanley Enterprises and Surrey Equities, in the transaction. “Midland

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WARWICK – Midland Commons, a 160,448-square-foot retail and condominium center on Bald Hill Road, has been sold to a Montreal-based real estate company for $20.5 million, according to a report by Boston Real Estate Times. Atlantic Capital Partners of Boston represented both the buyer, Brasswater Inc., and seller, Winstanley Enterprises and Surrey Equities, in the transaction. “Midland Commons represents an exceptional addition to Brasswater’s expanding U.S. portfolio,” said Stephen Joseph, vice president at Atlantic Capital Partners told Boston Real Estate Times. “We were pleased to secure a tailored, non-recourse financing solution that provides our client with the flexibility to execute their value-add strategy and finalize the lease-up of this dominant retail destination.” Midland Commons sits on the 23.17-acre lot of the former Rhode Island Mall. Major retail tenants include Burlington Coat Factory and Dick’s Sporting Goods. Winstanley Enterprises purchased the Rhode Island Mall for $38 million in November 2012 before redeveloping the property into Midland Commons. “As one of New England’s dominant retail corridors, the asset features exceptionally productive locations for Dick’s Sporting Goods, Burlington and Planet Fitness, affording ownership durable long-term cash flow,” Justin Smith, head of capital markets at Atlantic Capital Partners, told Boston Real Estate Times. Brasswater has arranged a $15 million loan in conjunction with the sale to fund both the purchase of Midland Commons and a stabilization program focused on leasing vacant space, according to a report by CRE Market Beat. Brasswater also intends to use part of the capital to support the lease-up of two currently vacant suites at the property, with the aim of improving occupancy and income as the asset is integrated into its portfolio, according to the report. “With an irreplaceable infill location, a supply-constrained submarket, and meaningful near-term leasing upside, this acquisition is a perfect fit for our investment thesis and a major step forward as we continue scaling our New England retail platform,” Simon Yeramian, Brasswater managing director for the U.S., said on LinkedIn.