Atlantic Capital Partners has completed the disposition of Midland Commons, a power center condominium in Warwick, RI, arranging a $20.5 million sale on behalf of its client. The retail property transaction involved representation of both the seller and the buyer by Atlantic Capital Partners.
The assignment was executed by a capital markets team led by Justin Smith, head of capital markets, with support from executive vice president Chris Peterson, vice presidents Sam Koonce, Stephen Joseph and Stephen Hassenflu, senior associate Danielle Turpin and associate Matt Ericson. The group coordinated the marketing and negotiations for the sale of Midland Commons and guided both parties through closing.
In conjunction with the sale, a $15,000,000 acquisition loan was arranged for the buyer, Brasswater, a real estate investment and development firm headquartered in Montreal, Canada. The loan was provided by a prominent alternative asset manager. According to the parties, the financing was structured on a non-recourse basis and priced at a competitive interest rate, aligning with Brasswater’s business plan for the center.
Loan proceeds are slated to fund both the purchase of Midland Commons and a stabilization program focused on leasing vacant space. Specifically, Brasswater 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.
Midland Commons totals 160,448 square feet and functions as a regional power center anchored by several nationally recognized retailers. Key tenants include Dick’s Sporting Goods, Burlington and what is described as the most visited Planet Fitness location in the state. The anchor lineup underscores the center’s role as a high-traffic retail destination within the local market.
The combination of a sizable investment sale, non-recourse acquisition financing and a defined lease-up strategy highlights ongoing investor and lender interest in well-located power centers with established national tenant rosters. The transaction also reflects continued availability of alternative capital sources for retail assets with a clear path to stabilization.
