January 6, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay, have successfully completed the sale of a free standing Family Dollar in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $2,484,259, a 6.84% cap rate.
Family Dollar is located within the dense West End neighborhood of Providence along Cranston Street. This dense urban location has 40,300± people within a 1-mile radius and 225,000± people within a 3-mile radius. The property is also located less than one mile from downtown Providence and is easily accessible off of Interstate 95. The existing 10,920-square foot building has been improved to Family Dollar standards and is fully leased to Family Dollar who operates under a new 10-year double net lease with (6) five year options. The investor was attracted to the corporately guaranteed lease and strong credit strength. Family Dollar is one of the fastest growing discount retail chains in the U.S. and was recently acquired by Dollar Tree. The combined organization operates over 14,284 stores across 48 states.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.