South Kingstown – A new 7,500-square-foot store building recently sold for $2.3 million, according to Horvath & Tremblay, which represented the buyer in the transaction.
The gable-roofed stand-alone building, located at 1860 Kingstown Road, will be occupied by commercial tenant Dollar General Corporation for its grand opening after construction is completed in 2022, the real estate company said.
A Delaware-based limited liability company called Havre De Grace LLC purchased the building and its premises from a Rhode Island-based limited liability company called MCG South Kingstown LLC. Sale.
Prior to the sale, which closed late last year, Dollar General signed an absolute net lease with a 15-year corporate guarantee, according to Horvath & Tremblay. The lease will require him to take a 10% rent increase at the start of each renewal option, according to the real estate company.
The property valuer’s valuation of the new building was not readily available from the town’s online property tax valuation database.
However, before the building was built, the 2.18-acre lot on which it stands was valued at $228,000 by town assessors, according to an online database.
According to the database, the property includes 15,000 square feet of paved asphalt surrounding the store, valued at $45,000.
The Dollar General Store draws from a customer base that includes about 20,000 students and employees at the University of Rhode Island’s Kingston campus, located within two miles, according to the real estate firm.
Since opening its first store in Springfield, Kentucky in 1955, Dollar General Corporation has opened more than 19,000 stores in 47 states.
Horvath & Tremblay Associate Jack Laurendeau and its Executive Vice Presidents Bob Horvath and Todd Tremblay were each involved in the buy-side transaction of the South Kingstown property sale.
Marc Laroque is a PBN Contributing Writer.
Want to share this story? Click here to purchase the link and anyone can read it on any device, subscriber or not.
