ShopOne, Pantheon JV acquire grocery-anchored shopping center in Rhode Island
A joint venture between ShopOne Centers REIT and Pantheon announced that it acquired North Providence Marketplace, a 112,497-square-foot grocery-anchored shopping center located in North Providence, R.I. The asset is anchored by a high-volume Shaw’s Supermarket and is situated just two miles north of downtown Providence, which serves as an economic hub for the state with its large concentration of educational, financial and healthcare employment drivers.
North Providence Marketplace has been a fixture of the North Providence community for more than 50 years and is considered the dominant center of its kind in the trade area. The asset is 88 percent occupied and has a mix of national retailers, including Shaw’s, which added an in-store Starbucks as part of its interior refresh in 2020; Dollar Tree; Rainbow; H&R Block; and Sally Beauty Supply. North Providence Marketplace is located less than five minutes from Providence College and Rhode Island College.
“We are pleased to have acquired North Providence Marketplace, a high-traffic institutional-quality grocery-anchored shopping center serving a fundamentally strong and established trade area,” stated Chris Reed, chief investment officer at ShopOne. “North Providence Marketplace has catered to the high number of employees and students in the Providence market for more than five decades, and we are excited to provide this community with a clean, safe and enjoyable shopping environment each time they visit. We look forward to investing additional capital at the property to add retail uses that will complement its existing merchandising mix.”
North Providence Marketplace is located along heavily traveled Smithfield Road and is accessible from Route 7, a major thoroughfare that extends directly into downtown Providence. The center is surrounded by a workforce that comprises nearly 437,500 people, with CVS Health, Textron, Citizens Financial Group, Nortek and United Natural Foods among the largest employers.
The acquisition of North Providence Marketplace marks the second grocery-anchored shopping center the JV has acquired in New England, joining its May 2023 acquisition of Heritage Park Plaza in Springfield, Mass.