Tiverton, RI Bob Horvath, vice president of investments for Marcus & Millichap, a leading commercial real estate investment services firm, has brokered the transaction of the Dollar General, according to Tim Thompson, sales manager of the firm’s Boston office.
Dollar General signed a new 10-year double net (NN) lease which includes three five-year option periods. A rental escalation of 10% is scheduled to occur at the beginning of the sixth year of the lease and 10% rental increases are scheduled at the beginning of each option period.
The existing 8,241 s/f building has been improved to Dollar General standards. The property benefits from its highly visible location along Main Rd., the main thoroughfare. Main Rd. provides direct access to Rhode Island 24 and I-95. National and regional retail tenants along Main Rd. include CVS, Dunkin’ Donuts, Bank of Newport, and Rite Aid.
The sale closed at a price of $1.9 million. Horvath represented the seller, 567 Main Road Associates, LLC. The buyer was Despina Leandrou. Jennifer Athas, broker of record, facilitated the transfer process.