- Two strong national brand corporate tenants each with increases in the initial term and in the options.
- Strong household income of $109,000 in a 1-mile radius.
- Nine miles from Providence with strong employment base including new Amazon distribution center.
- Close to 1,000,000 square feet of office and industrial space within 6 miles of subject.
We are pleased to present the opportunity to purchase a Tractor Supply and O’Reilly Auto Parts in Johnston, Rhode Island. Tractor Supply has ±7 years remaining and 4 (5-year) options with 10% rental increases every 5 years in the initial term and in each of the options. The O'Reilly lease has ±14 years remaining and 4 (5-year) options with 6% rental increases in years 11 and 16 of the initial term and at each of the options.
The subject property is located just nine miles west of Providence, the capital city of Rhode Island, which has an estimated population of over 1,600,000 residents. The total population count in a 5-mile radius is 79,393 residents and within a 10-miles radius it is 529,891 residents. The average household income in a 1-mile radius is $109,608, within a 5-mile radius it is $74,961 and within a 10-mile radius it is $63,174. The subject property is located on Hartford Avenue with a traffic count of 32,561 vehicles per day. The Providence Beltway (I-295) is located just 2 miles east of the subject with a traffic count of over 90,000 vehicles per day.
There is close to 1,000,000 square feet of industrial and office space within six miles of the subject property. Some of the tenants include Frito-Lay Inc., Cadence Electronic Designs and XOP Logistics. Large employment base within 5 miles of the subject property includes a soon to be Amazon distribution warehouse (est. 3.8M square feet), FM Global 350,000 SF corporate headquarters and New Citizens Bank’s 123-acre headquarters campus.