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Atlantic Capital Closes Sale of Rhode Island Power Center

Atlantic Capital Partners arranged the $20.5-million sale of Midland Commons, a power center condominium located in Warwick, RI. The transaction was led by head of capital markets Justin Smith; EVP Chris Peterson, VP Sam Koonce, senior associate Danielle Turpin, VPs Stephen Joseph and Stephen Hassenflu, associate Matt Ericson. Atlantic Capital Partners exclusively represented the seller and the buyer.

The $15,000,000 acquisition loan for Midland Commons was done on behalf of Brasswater, a real estate investment and development firm based in Montreal, Canada. The financing, provided by a prominent alternative asset manager, was structured on a non-recourse basis at a competitive interest rate. Loan proceeds will be utilized to facilitate the acquisition and fund the stabilization of the asset through the lease-up of two currently vacant suites.

The 160,448-square-foot asset is anchored by nationally recognized tenants, including Dick’s Sporting Goods, Burlington and the most visited Planet Fitness location in the state.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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