Grocery-Anchored Retail Center Trades in RI
HFF represented ShopCore Properties in the sale of the 60,488-square-foot retail center in Richmond, which includes a supermarket, fuel center and a fitness club.
By Beata Lorincz
22 Kingstown Road, Richmond, R.I.
An entity managed by ShopCore Properties has sold a 60,488-square-foot Super Stop & Shop-anchored retail asset in Richmond, R.I., in a deal brokered by HFF. According to public records, the former owner purchased the property in 2016, for $14.4 million.
The asset is located at 22 Kingstown Road, adjacent to the Interstate 95 and Route 138 interchange, which serves the communities of Narragansett, Block Island and Charlestown. The site provides good visibility, while downtown Providence is a 32-minute drive away.
The property includes a Super Stop & Shop grocery store and Super Stop & Shop Fuel Center, as well as a 5,000-square-foot Anytime Fitness. More than 58,000 residents inhabit the 10-mile radius area around the asset, with an average household income of roughly $100,000.
Senior Managing Director James Koury led HFF’s investment advisory team representing the seller. Earlier this year, Koury also facilitated the sale of a 382,864-square-foot shopping center in Connecticut.
“This represents an attractive opportunity for the buyer as Stop & Shop not only has a commanding market share in the state of Rhode Island, but there isn’t another grocer to compete with their Richmond store within a 15-mile radius,” said Koury, in a prepared statement.
Image via Google Street View
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