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Broad Reach Expands into Rhode Island with Grocery-Anchored Center
Maryland-based Broad Reach Retail Partners acquired Hunt River Commons in North Kingstown, RI for an undisclosed sum. The 149,321-square-foot, grocery-anchored community center is the third acquisition for Broad Reach this year.
“The acquisition of Hunt River Commons is the first for us in Rhode Island,” said Nate Tower, founding partner and CEO of Broad Reach Retail Partners. “We are excited about expanding into new markets and continue to look for opportunities throughout the country.”
Hunt River Commons serves the wealthy North Kingstown/East Greenwich trade area located just south of Providence. The center is anchored by Stop & Shop, and the acquisition introduces this grocer brand into the Broad Reach portfolio. Other major tenants include Marshalls, Planet Fitness and Citizens Bank.
The center was 78.5% occupied at the time of acquisition. Broad Reach plans to lease the balance of the 32,000 square feet of vacant space.
- ◦Sale/Acquisition
