CRANSTON, RI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of a Stop & Shop (top left photo) ground lease in Cranston. The sales price of $13,521,468 represents $270 per square foot.
Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the seller, Churchill & Banks. Horvath and Tremblay also represented the buyer, Cole Capital Advisors Inc. Margaret Huelskamp (middle left photo), Marcus & Millichap’s broker of record for Rhode Island, assisted in the transaction.
“The ground lease was well received in the marketplace by both private and institutional investors,” says Horvath. “The asset sold prior to completion and rent commencement.”
The Stop & Shop is located at 275 Warwick Ave. in Cranston, the third-largest city in Rhode Island. Average daily traffic counts on Warwick Avenue are more than 24,000 vehicles.
The population within a three-mile radius of the property is 112,876 and the average household income is $60,418. Retail tenants in the area include Walgreens, Shaws, Dollar Tree, Pizza Hut, Supercuts, GNC and Pawtucket Credit Union.
Stop & Shop has constructed a 50,000-square foot building on the site on approximately 7.5 acres. This year, the grocery chain signed a 20-year lease with 11 five-year options and rent escalations every five years.
Cranston is located in Providence County in central Rhode Island. The city is five miles from Providence, R.I., 53 miles from Boston and 87 miles from Hartford, Conn.
Press Contact: Stacey Corso, Marcus & Millichap, (925) 953-1716
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