Providence Family Dollar store building sells for $2.29M

AN 11,-000-SQUARE-FOOT STORE building at 250 Cranston St. in the West End of Providence recently sold for $2.29 million, according to a copy of the special warranty deed, a public record documenting the property sale. The Family Dollar store building was bought by NS Retail Holdings LLC, according to the deed./ COURTESY CITY OF PROVIDENCE

PROVIDENCE – An 11,000-square-foot retail building in the West End of Providence recently sold for $2.29 million, according to a copy of the special warranty deed, a public record documenting the property sale.

The building at 250 Cranston St., which continues to operate as a Family Dollar store, was bought by NS Retail Holdings LLC, according to the deed.

The limited liability company is affiliated with NETSTREIT, a real estate investment trust that’s based at 2021 McKinney Ave. in Dallas, Texas.

The Providence store building was sold by The Silveira Family Company LLC, which is a company based in California., managed by Gina Lafey and established in 1994.

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The one-floor building was most recently valued by Providence property assessors in fiscal year 2022 to be worth $1.2 million, according to the city’s online property tax evaluation database.

The store building was constructed in 1995, and it is situated on a 0.56-acre building in a C-2 zone, according to the online database.

The property includes 13,500 square feet of paved surface for parking, according to the database.

In marketing material created to sell the building, through real estate investment services company Pharma Property Group, the West End Family Dollar building was promoted as an asset that will return a stable rental income from the Family Dollar company, which has more than 8,200 locations across the country. The Family Dollar company has an eight-year lease in place, with an option for a five-year extension, according to the marketing material.

Marc Larocque is a PBN contributing writer.

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