Dollar General, Broad Street - Cranston, RICranston, RI Bob Horvath, vice president of investments, of Marcus & Millichap Real Estate Investment Services, one of the nation’s largest real estate investment services firms, has brokered the transaction of Dollar General in Cranston.
Bob Horvath,Marcus & Millichap
The sale closed at a price of $1.6 million. Horvath represented the seller, Broad Street Partners, LLC and procured the buyer, Greenwood Management Properties Limited Partnership.
Dollar General signed a new 10-year double net lease, with rent commencement on December 1, 2014. The lease includes (3) five year options. A rental escalation of 10% is scheduled to occur at the beginning of the 6th year of the lease and 10% rental increases are scheduled at the beginning of each option period. The existing 10,640 s/f building has been improved to Dollar General standards and includes 42 parking spaces. The subject property benefits from its highly visible location along Broad St., the main thoroughfare traveling through town. National and regional retail tenants along Broad Rt. include: Family Dollar, McDonald’s, Citizen’s Bank and Bank of America.
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
