Hunt River Commons _Property for Sale
Hunt River Commons _Property for Sale
20 Frenchtown Rd, North Kingstown, RI, 02852-1758, US

Hunt River Commons

Asset description

JLL Capital Markets has been retained as exclusive advisor for the sale of Hunt River Commons, a +/- 149,321 SF, 95% leased, grocery anchored shopping center in North Kingstown, RI. Hunt River Commons is anchored by Stop & Shop, the #1 Grocer in Rhode Island, which boasts a 35-year operating history at the Property, a 2.8% occupancy cost and accounts for 41% of the Property’s gross income. Stop & Shop recently committed to an early extension at the Property until 2031 and invested $1.5M into a remodel of their store in 2022. Other prominent tenants at the Property include Marshalls, a high performing Citizens Bank pad with $353 million in deposits, and a recently expanded Planet Fitness.


Essential to the Property’s longevity is its prime location adjacent to Route 1 (26,300 VPD) and proximity to Interstate 95 and Route 4 (78,000 VPD). The nearby Quonset Development Corporation, Quonset State Airport and headquarters for Ocean State Job Lot present a unique reverse commute opportunity for affluent East Greenwich shoppers. The Property has seen exceptional recent leasing momentum with over 77,500 SF of renewals and almost 18,000 SF of new leasing activity. Hunt River Commons offers investors a best-in-class supermarket anchored shopping center with a strong credit profile and the potential opportunity to push rents over time and create future value through the lease up of the remaining vacancy.

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Attributes

Building area net
149,321 sf
Occupancy
95%
Year built
1989
Land area gross
24.31 acres

Media

Investment highlights

Dominant Grocery Anchor

  • Strong Sales 
  • Recent Long Term Extension through 2031
  • 35 Year Operating History 


Significant Recent Leasing Momentum 

  • 17,963 SF of new leases 
  • 77,506SF of lease renewals - Stop & Shop and Planet Fitness 


Future Upside Potential

  • 8,000 SF of vacancy across two suites
  • 50% below market rents


Affluent Demographics within five miles

  • 66,822 population
  • $137,632 Avg HHI 


Limited Near-Term Capital Requirements 

  • Septic upgrade in 2021
Hunt River Commons  4_Property for Sale
Hunt River Commons  4_Property for Sale

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Last updated
Apr 12, 2024