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Case Studies

Lincoln Mall

Lincoln, Rhode Island

Lincoln Mall, a former enclosed regional mall, is a 562,900 square foot shopping center located ten miles north of downtown Providence, and is another example of a home run for the company in terms of repositioning and redevelopment. The property was 40% vacant when it was acquired by WP Realty in March 2003.

The center was constructed in 1974, and was subsequently expanded in 1987 and 2000. In spite of its excellent location at the intersection of Routes 146, 116 and 295, Lincoln Mall struggled for more than a decade with large vacancies and with losing one of its main anchor tenants, Kmart, to bankruptcy. According to Town Administrator, Sue Sheppard, in an article in the Providence Business News (February 15, 2006), “Since WP Realty took over in 2003, the Lincoln Mall has been reborn, and the property’s resurrection from the big-box mall grave has been nothing short of astonishing.”

Redevelopment of the center was completed in the fourth quarter of 2005 and included the de-malling of the property, the addition of a new 14-screen Cinema World theater and two pad sites, and the conversion of the existing small store mall space for big box users. Target, Cinema World, and many other small store retailers held grand openings in October and November of 2005.

The shopping center is currently anchored by Target in 123,800 square feet, one of New England’s dominant retailers, Super Stop & Shop, in 56,040 square feet, Cinema World in 60,000 square feet, Marshalls in 39,239 square feet, Ocean State Job Lot in 25,780 square feet and Home Goods in 25,000 square feet. WP Realty sold the 98% occupied property in May 2006.