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North Smithfield, RI Buffalo Wild Wings

$1,975,000
51 Dowling Village Boulevard
Lease Type Ground
Cap Rate 5.57%
Property Type Retail
Building Size 5,445 SF
NOI $110,000
Land Area 2.06 AC
Remaining Term 8 Years
Status Under Contract
Property Highlights

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.

North Smithfield is located approximately 15 miles from Providence, Rhode Island’s capital and most populous city, as well as the third largest city in the New England region.