Dollar General store building in South Kingstown sells for $2.3M

A DOLLAR GENERAL STORE building at 1860 Kingstown Road in South Kingstown recently sold for $2.3 million. Dollar General Corp. has a 15-year lease with renewal options. / COURTESY HORVATH & TREMBLAY

SOUTH KINGSTOWN – A new 7,500-square-foot store building recently sold for $2.3 million, according to Horvath & Tremblay, which represented the buyer in the transaction.

The standalone building with a gabled roof is located at 1860 Kingstown Road and is occupied by commercial tenant Dollar General Corp., which celebrated its grand opening there after construction was completed in 2022, the real estate agency said.

A Delaware-based limited liability company called Havre De Grace LLC purchased the building, along with the lot it stands on, from a Rhode Island-based limited liability company called MCG South Kingstown LLC, according to the quitclaim deed, a public record of the sale.

Ahead of the sale, which was completed late last year, Dollar General signed a 15-year corporate guaranteed absolute net lease, which comes with three five-year renewal options, according to Horvath & Tremblay. The real estate agency said the lease calls for a 10% rent increase at the start of each renewal option.

- Advertisement -

A property assessor’s valuation of the new building was not immediately available through the town’s online property tax evaluation database.

But before the building was constructed, the 2.18-acre lot that it stands on was considered by town assessors to be worth $228,000, according to the online database.

The property includes 15,000 square feet of paved asphalt surrounding the store, valued at $45,000, according to the database.

The real estate firm said the Dollar General store draws from a customer base that includes nearly 20,000 students and employees of the University of Rhode Island Kingston campus, located less than 2 miles away.

Dollar General Corp. has opened more than 19,000 stores across 47 states since its first location was established in Springfield, Ky., in 1955.

Horvath & Tremblay associate Jack Laurendeau along with the firm’s executive vice presidents, Bob Horvath and Todd Tremblay, were each involved in the deal on the buyer’s side in the South Kingstown property sale, according to the firm.

Marc Larocque is a PBN contributing writer. 

No posts to display