Greenberg Gibbons on Wednesday acquired two shopping centers, one in Carroll County and another in Rhode Island, for $34.6 million.
The Owings Mills-based investor, developer and managers of retail, mixed-use and flex properties purchased the North Providence Marketplace in Providence, Rhode Island, a 112,000-square-foot grocery-anchored shopping center, and Westminster Crossing East, a 92,000-square-foot shopping center in Carroll County.
The two properties were acquired through the Greenberg Gibbons Real Estate Income Fund I, which was recently formed to strategically acquire shopping centers throughout the East Coast, Southeast and premier Midwest markets.
North Providence Marketplace is anchored by a high performing Shaw’s Grocery Store. The center is currently 82% leased and features service-oriented retailers including Dollar Tree, Sally Beauty Supply, H&R Block, and EbLens.
Westminster Crossing East is located minutes from McDaniel College and the historic district of Westminster. It features several national retailers including Marshalls, Bed Bath & Beyond, Ulta Beauty and Panera Bread.
The Greenberg Gibbons Real Estate Income Fund team is actively seeking investments with a focus on essential, retail-driven shopping centers including value-add grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.
Greenberg Gibbons has developed and managed a portfolio of more than 10.6 million square feet of properties, including Hunt Valley Towne Centre, Annapolis Towne Centre, Waugh Chapel Towne Centre, Foundry Row and Towson Row.