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By MARTHA SMITH
Special to the Standard
NORTH KINGSTOWN â€“ The Shops at Quonset Point, at the gateway to the redeveloped former Navy base, is adding a major anchor store at the corner nearest Post Road.
The New Boston Fund, Inc., a Boston-based private equity real estate investment, development and management firm, has leased 22,000 square feet of retail space to HomeGoods, Inc., a popular national chain featuring discounted interior design products and accessories.
A HomeGoods outlet located for many years in the Kingstown Plaza on Post Road in the north end of town, will close and move to the upscale Quonset location. A HomeGoods logo has already been affixed to a tower on the enormous space with opening scheduled for fall.
It joins two other anchors, Kohlâ€™s and Daveâ€™s Fresh Marketplace, as well as Verizon, Subway, Supercuts, Central Nails and Sally Beauty.
Gary Hofstetter, senior vice president and Northeast regional director of the New Boston Fund, says, â€śWeâ€™re very excited about them [HomeGoods]. Itâ€™s a great win for the center; weâ€™re thrilled to have them.â€ť
The developer used Jeff Arsenault of CBRE Grossman, a company of retail advisers, to broker the deal with HomeGoods, which was represented by Philip Kling. It came to fruition, Hofstetter says, because â€śmajor retailers all talk to the same brokers.â€ť He notes that the plaza is â€śpretty close to full.â€ť
In fact, the HomeGoods store is so vast â€“ itâ€™s taking the entire end corner â€“ that Central Nails and Supercuts were moved slightly east to accommodate the new anchor. â€śWe just flipped it overnight,â€ť Hofstetter says of the speedy relocation.
The Shops at Quonset Point is a 400,000-square-foot development. New Boston acquired the property in May 2005 and construction began in January 2008. Before it was even finished, nearly 66 percent of the space was pre-leased.
The New Boston Fund has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, includingÂ 23 million square feet of commercial real estate andÂ 7,500 residential units.Â
Martha Smith is an award-winning journalist and author. Retired, she is an independent contractor for SRIN.