SHOPPING CENTER IS PURCHASER’S FIRST ACQUISITION IN RHODE ISLAND.
Miami, Fl. – Out of the Box Ventures, LLC, a subsidiary of leading Miami-based global real estate development firm, Lionheart Capital, announces the acquisition of Walnut Hill Plaza in Woonsocket, Rhode Island. The 300,000 square foot shopping center is anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl and hosts other national tenants including Olympia Sports, Weight Watchers, Savers, Payless Shoe Source, GameStop, T-Mobile and the United States Post Office. Located along the Diamond Hill commercial corridor, the center is poised for repositioning within the market.
Mayor Lisa Baldelli-Hunt announced in early June that the U.S. Department of Treasury had officially approved three Woonsocket census tracts to be designated as Qualified Opportunity Zones. This program brings tax incentives to Woonsocket stimulating economic revitalization and leading to further growth. “This proactive transaction directly reflects the progressive rejuvenation of the City’s major retail district which my administration has consistently made a priority. When I became Mayor, our retail strip was virtually inactive and vastly stagnant,” said Mayor Baldelli-Hunt. “The new ownership will automatically bring new ideas, new energy and vitality to this expansive site as well as the overall community. At 300,000 square feet, Walnut Hill Plaza offers a subcommunity centrally embedded within the fabric of our City. I am extremely pleased to be working with ‘Out of the Box Ventures, LLC.’ and its parent Lionheart Capital as they begin and continue to settle into their newly formed partnership with Woonsocket.”
“Walnut Hill Plaza marks Out of the Box Ventures’ first acquisition in Rhode Island. We are excited and optimistic about the opportunity to bring new life and excitement to the center and to the greater Woonsocket community,” commented Ashley Thornburg, Director of Retail Operations, Lionheart Capital. This acquisition marks the most recent purchase of Miami-based Out of the Box Ventures with current retail holdings in nine states.
Out of the Box Ventures has retained Don Mace, Vice President of Leasing for Key Point Partners to spearhead the leasing efforts for the center.