Lincoln Mall sold for $56 million

Lincoln Mall sold for $56 million

LINCOLN – The Lincoln Mall has been sold to New York-based Acadia Realty Trust, an investment firm operating locally under the name “Lincoln Mall Owner LLC.”

The company purchased the mall property at 622 George Washington Highway from MB Lincoln Mall LLC in late June for $55.7 million. That price includes the main mall, Ocean State Job Lot building, Stop & Shop, Santander and McDonald’s, but not Target.

MB Lincoln Mall LLC, a subsidiary of Highlands REIT Inc., had been the owner on record since 2006 when they acquired the property for $61.4 million. They entered into an agreement to sell the Lincoln Mall to Acadia in February for a gross sale price of $57 million.

According to the new owner’s website, Acadia Realty owns one other property in R.I., a 225,000-square-foot shopping plaza located at 650 Bald Hill Road in Warwick, part of the Rhode Island Mall. Tenants in the center include Dick’s Sporting Goods, Burlington and Planet Fitness.

A first quarter update provided by the real estate investment trust in May said the Lincoln Mall was under contract for $56 million.

“As the dominant center in the region, this higher-yielding asset has a diverse mix of necessity, entertainment, food and soft goods retailers to complement the strong anchor tenancy,” a company press release reads.

Representatives from Acadia and the mall’s property manager did not return request for comment on the acquisition or their plans for the future of the Lincoln Mall property.

The Lincoln Mall has been in operation since the 1970s, undergoing a major transformation following its 2006 sale when the shopping center was turned into a hybrid indoor-outdoor mall.

In addition to a number of retail tenants like Five Below, Marshalls, and Dollar Tree, the property includes a variety of restaurants and newer, fast-casual eateries that include Chili’s, Capriotti’s Sandwich Shop, Chipotle Mexican Grill, IHOP, Five Guys, Asia Grille and Starbucks.