Former Tarbox Toyota property in North Kingstown sells for $2.6M

THE FORMER TARBOX TOYOTA property at 6975 Post Road on Route 1 in North Kingstown, which has remained dormant for more than 10 years, was recently sold for $2.6 million. / COURTESY GOOGLE INC.

NORTH KINGSTOWN – The former Tarbox Toyota property at 6975 Post Road on Route 1 recently sold for $2.6 million, according to Hayes & Sherry, the commercial real estate brokerage firm that represented the buyer in the deal.

The 3.8-acre property, which has remained dormant for more than 10 years, was purchased by the Atlanta-based Genesis Development Partners, which plans to redevelop the site, the real estate brokerage said. Hayes & Sherry said it will lead redevelopment efforts on behalf of the buyer.

“This is a piece of land with tremendous potential that, quite simply, has been vacant for far too long,” said Bill Greene, a partner at Hayes & Sherry. “With the sale complete, we are eager to capitalize on the retail interest we are already seeing and transform the property into a vibrant space that benefits the entire area.”

Greene represented Genesis personally in the purchase and will represent the company for the leasing and sale of the site’s retail pads, his firm said.

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Hayes & Sherry said it has already held preliminary discussions with “a number of parties” about the redevelopment of the site, including McDonald’s, which wants to build a new fast-food restaurant there.

“In addition to interest from a financial institution, car wash chain and traditional retail, the firm has been in contact with quick-service restaurants,” according to a statement from Hayes & Sherry, released together with real estate services firm Cushman & Wakefield. “The 3.8-acre plot of land now owned by Genesis Development Partners is considered to be in an optimal location.”

Hayes & Sherry is a member of the national Cushman & Wakefield alliance, which provides it and its brokers with access to real estate services in major markets throughout the world.

The property is “shadow-anchored” by a retail complex across the street, which contains a Dave’s Market grocery store and a Kohl’s department store, with plans to add a Starbucks, Chipotle, TJ Maxx and Aspen Dental later this year, according to Hayes & Sherry and Cushman & Wakefield.

Cushman & Wakefield noted that the former Tarbox Toyota property is located near Quonset, adding to the property’s local consumer base with its more than 10,000 employees.

The former car dealership site was sold by Tarbox Real Estate LLC, which is affiliated with the Rhode Island-based automotive dealership business established by Ed Tarbox in North Kingstown in 1996. The company now runs a Nucar Tarbox Toyota at 3671 Quaker Lane in North Kingstown, and the Nucar Tarbox Hyundai dealership at 3665 Quaker Lane.

The vacant 6975 Post Road property was most recently valued by North Kingstown assessors in 2022 as being worth $717,800, according to the town’s online property tax evaluation database.

Marc Larocque is a PBN contributing writer. 

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