June 7, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a multi-tenant retail center located within Dowling Village in North Smithfield, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $4,700,000, a cap rate of 6.22%.
The newly constructed, nationally-branded junior anchor retail center is well-located within Dowling Village, a 600,000-square foot regional power center located off of Route 146A in North Smithfield, Rhode Island. The multi-tenant retail center is tenanted by nationally recognized brands including: Sleepy’s, Supercuts, GNC and Verizon Wireless. Dowling Village is one of Rhode Island’s premier shopping center destinations, encompassing a total of 122 acres with 600,000-square feet of retail space, 75,000-square feet of office space and condominium units. The power center is anchored by Lowe’s Home Improvement and Walmart. Additional tenants in the center include: Aldi, Aspen Dental, PetSmart, Firestone, Texas Roadhouse, Buffalo Wild Wings, Kohl’s and Taco Bell. The shopping center attracts shoppers from the local and regional area serving a trade area of over 185,000 people and is within 20 minutes of Providence and less than one hour from Boston. Additional tenants located along Eddie Dowling Highway include: Denny’s, CVS Pharmacy, Wendy’s, Subway, Stop & Shop, Burger King, McDonald’s, Walgreens, AutoZone, Dollar Tree, Ocean State Job Lot, Citizens Bank, and Dunkin’ Donuts.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Recently recognized by Globe Street and Real Estate Forum as one of the “Top 20 Retail Sales Brokers” in the Industry, our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges.