Rhode Island mall changes hands

CB Richard Ellis/Whittier Partners arranged the sale of Salt Pond Shopping Center located on Route 108 in Narragansett, R.I.

The value of the transaction was $30.7 million.

Cornerstone Real Estate Advisers acquired the 185,631-square-foot center from Property Advisory Group.

Salt Pond Shopping Center is anchored by Stop & Shop (60,853 square feet) and Marshalls (55,650 square feet). Stop & Shop renovated its store in 2000. Marshalls took over a former Ames lease and opened for business in 2003. Other tenants at the property include West Marine, Sears Appliance, Blockbuster Video, Only a Dollar, and Newport Creamery. The center is located at the intersection of Point Judith Road and Woodruff Avenue.

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