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Views: 105 DOM: 224 Updated: 11.26.24 Posted: 04.24.24 Status: Active

Summary

Price $3,247,600
Built/Renov 2013
Tenant Aldi (GL)
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 14,998
Lease Start 10-10-2013
#Units 7,162
Price/SF $216.54
Expiration 10-31-2033
Tenant Type Grocery
NOI $170,500
R. Term 8.11
Ownership Ground Lease
Rent/SF $11.37
Increases 10.0%/9/yrs
Pop 5Mi 97,661
Lot/AC 2.43
Options 6/5yrs/10%
AHHI 5Mi $107,318

Lease Highlights

  • Aldi has 8+ years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Aldi is strategically located on Dowling Village Boulevard, with access to 4,900 vehicles passing by daily. The property holds a highly visible position on Eddie Dowling Highway, with a traffic count of 18,400 VPD. This highway serves as the main connection between Providence and its northern suburbs. The immediate area is surrounded by well-known national tenants including Walmart, Lowe’s,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: ALDI
  • Guarantor:Corporate
  • Company:ALDI SOUTH Group
  • # Units:7,162
  • Stock:Private

About Tenant

ALDI is a small-format supermarket chain focusing on creating an efficient shopping experience, saving customers time and money without sacrificing quality. ALDI mainly sells a range of grocery...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,990 61,564 97,457
2023 Total Population : 3,970 61,787 97,661
2023 Employed Civilian Pop : 1,937 29,331 48,856
2023 Total Businesses : 153 1,428 2,843
2023 Average Household Income : $ 105,572 $ 88,469 $ 107,318
2023 Total Consumer Spending : $ 148 M $ 1995 M $ 3611 M
2023 Median Age : 45 41 42
2023 Total Households : 1,654 26,110 39,268
2023 Pop Age 25+: Bachelor's Degree : 565 7,614 13,835
2023 Average Home Value : $ 402,111 $ 379,782 $ 429,478
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Old Louisquisset Pike Eddie Dowling Hwy 2008 9,000 0.25 mi
Eddie Dowling Highway Eddie Dowling Hwy 2018 19,059 0.36 mi
Eddie Dowling Highway Eddie Dowling Hwy 2018 18,763 0.44 mi
2018 18,111 0.55 mi
North Smithfield Expressway 2018 36,255 0.55 mi
North Smithfield Expressway Eddie Dowling Hwy 2015 26,000 0.57 mi
Park Avenue 2018 16,378 0.67 mi
Carnation Street 2018 812 0.75 mi
Manville Road Gadoury Blvd 2018 8,646 0.90 mi
Eddie Dowling Highway 2018 52,642 0.91 mi

Listing Broker

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