67k sq ft neighbourhood retail centre

In 2014, Warren Private acquired a 67k sq ft grocery-anchored neighbourhood retail centre in North Smithfield, Rhode Island, USA in conjunction with our US operating partner Crosspoint Associates.

Built in 1960, the property is situated on a large rectangular 17.7 acre site which also contains 353 surface car parking spaces. The property consists of 20 retail units arranged in a linear fashion on a single-storey basis. It is a long established high-end supermarket location and is anchored by Brigido’s Fresh Market, a 17k sq ft upmarket grocery store, and also contains a mix of national tenants (Bank of America, Rite Aid / Walgreen, Subway, UPS) and regional tenants.

The property is located in the centre of North Smithfield, an affluent town with a population of 12,000 located in the north of Rhode Island, at a main access point to Route 146 which is a major route linking Providence to Woonsocket in Rhode Island and Worcester in Massachusetts. North Smithfield is 14 miles from the state capital Providence and c.50 miles from downtown Boston, which makes it a popular commuter / residential area for people working in the cities of Providence, Woonsocket, Lincoln and Smithfield. Many of North Smithfield’s residents work in one of the many major employers based in Rhode Island. These include Fidelity Investments, CVS (the largest pharmacy chain in the US), Hasbro Toys and Brown University.

Since acquisition, Crosspoint Associates have grown net operating income through re-lettings and effective cost management. 

The investment period is up to 10 years, and projected returns are strong at a pre-tax IRR of c.14% and a pre-tax profit of c.185% of investors’ original investment amount.

Purchase Price: Confidential
Location: Rhode Island, USA
Investment Period: 10 years
Projected Annual Distributions: c.9%
Projected Profit on Investment: c.185%