Want to Buy a Mall — See the Marketing Material for Providence Place

 

The court-appointed lawyer for Providence Place Mall hired a commercial real estate firm to market the Providence Place Mall.

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“Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Providence Place, a super-regional shopping center located in downtown Providence…Providence Place consists of a six (6) story regional shopping center situated on approximately 15.88 acres – the underlying land of which is owned by the Rhode Island Economic Development Corporation (“RIEDC”) and leased to Property ownership for a 99-year term with four, 99-year renewal options,” states the introductory pitch from JJL.

Providence Place was thrust into receivership in October of 2024.

 

 

According to JLL’s offering process, “This offering presents prospective purchasers with the opportunity to acquire a strategically positioned regional shopping center with significant upside potential. As exclusive agent, JLL is presenting Providence Place to select investors registered via a confidentiality agreement. The Property is being offered on an ‘as-is’ basis and the marketing process will be governed by a date certain bid process.”

The next owner faces a number of challenges. First, the tax stabilization now in place expires in 2028, and if not extended by the City of Providence, the taxes would balloon to about $25 million annually. Second, the next team needs to attract more top-tier retailers, building on shops like Apple and Lego.

Third, combating crime and restoring shoppers' sense of security. A recent sexual assault at the property was the latest incident.

 

 

Here is the value proposition, according to JLL:

 

The Opportunity

Providence Place consists of a six (6) story regional shopping center situated on approximately 15.88 acres – the underlying land of which is owned by the Rhode Island Economic Development Corporation (“RIEDC”) and leased to Property ownership for a 99-year term with four, 99-year renewal options. Comprising approximately 1,207,267 square feet ("SF") of gross leasable area ("GLA"), the Property is anchored by a flagship Macy’s store (200,125 SF), Boscov’s (197,000 SF), the newly signed 16-screen Apple Cinemas (128,146 SF), Dave & Buster’s (40,560 SF) and notable adult game venue, restaurant and bar, Level 99 (36,195 SF). The Property features numerous “unique to market” concepts, including Apple (flagship), ZARA, Oakley, and The North Face, alongside specialty retailers such as Brooks Brothers, The LEGO Store, Fogo de Chão, and Cyclebar. Providence Place also features numerous dining options including The Cheesecake Factory, Panera Bread, and P.F. Chang's China Bistro – all of which benefit from the Property’s in-fill location, bolstered by a significant daytime and university population, and serve to expand the Property’s trade area and dwell time.

 

Prominently located in the heart of downtown Providence, the state capital and financial center of the State of Rhode Island, Providence Center benefits from a robust daytime employment of more than 160,000 within 1 mile and one of the highest concentrations of college and university students in the country.

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