Pawtucket, RI Citizens Bank

800 Newport Avenue
Lease Type Ground
Cap Rate 5.10%
Property Type Retail
Building Size 4,545 SF
NOI $61,798
Land Area 0.68 AC
Remaining Term 10 Years
Status Closed
Property Highlights

Close proximity to major interstate: The Property is located near the signalized intersection of Newport Avenue and Armistice Boulevard near the Boulevard Plaza Shopping Center. Nearby national retailers include Dollar General, EbLens, AutoZone and Dunkin’ Donuts. The Property’s close proximity to Interstate 95 links the city of Pawtucket to major metropolitan centers like Providence.

Diverse economic opportunities: Founded in 1671 at the strategic falls of the Blackstone River and the upper tidewaters of Narragansett Bay, the city of Pawtucket holds a special place in the industrial history of the U.S. Pawtucket now has 300 diversified industries—jewelry, silverware, metals and textiles being the largest—and over 1,000 commercial and service establishments. The city is the fourth most populous in Rhode Island and is conveniently linked to major area metropolitan centers via Interstate 95.

Quality investment: The tenant recently exercised its first option to extend for a period of 10 years starting in March 2018. The tenant has the right to extend the lease for up to five successive terms of 10 years each. There are no landlord responsibilities in this Ground lease.

The city of Pawtucket, Rhode Island is home to the worldwide headquarters of Hasbro, Inc., the third largest toy maker in the world with revenues of approximately $5.01 billion.