Prime retail: The Property sits within the Dowling Village premier power center (a 600,000 square foot mixed-use development) anchored by Lowe’s, Walmart Supercenter, ALDI and Kohl’s—North Smithfield’s largest site for commercial development (trade area of nearly 190,000 people) featuring cross easements with box tenants and added development potential.
Excellent market location: The Property is 20 minutes from Providence (more than 1.7 million people) and less than one hour from Boston. Interstate 295 runs just south of the town with direct access from nearby North Smithfield Expressway. Over 95,000 people with an average household income greater than $73,000 live within five miles of the Property.
Successful, recognized tenant: Buffalo Wild Wings operates more than 1,190 restaurants around the world and has won dozens of “Best Wings” and “Best Sports Bar” awards across the country. The Roark Capital Group agreed to buy the restaurant chain in November 2017 for $2.4 billion, adding to the private equity firm’s stable of restaurants that includes Arby’s and Cinnabon. This acquisition is expected to become finalized in the first quarter of 2018.
Quality investment: This lease features no landlord responsibilities and fixed 10 percent rental increases every five years throughout the base term and options.