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News

Lincoln Mall

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the sale of Lincoln Mall on May 31, 2006.

Lincoln Mall is a 562,900 square foot regional shopping center located in Lincoln, Rhode Island, ten miles north of downtown Providence. The shopping center is currently anchored by Target in 123,800 square feet, 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.

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), ìSince WP Realty took over in 2003, the Lincoln Mall has been reborn, and the propertyís resurrection from the big-box mall grave has been nothing short of astonishing.î

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 center is now 95% occupied, and a busy retail destination once again. WP Realty specializes in taking underperforming centers and turning them around, drawing on its strong contacts and expertise in leasing and management.

The sale was brokered by Cushman and Wakefield.