Cranston, RI - Firestone

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a modified NNN, freestanding, Firestone Auto Care investment property located in Cranston, RI (Providence MSA). The tenant, Bridgestone Retail Operations, LLC (dba Firestone), recently signed a brand new 10-year lease with 6 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is modified NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1926, Firestone delivers high quality automotive maintenance and repairs, making them among the leading chains within the automotive space with over 1,700 operating locations and 4,000 ASE certified technicians.

Firestone is strategically located along Reservoir Avenue with clear visibility and access to an average of 27,000 vehicles passing by daily. The property benefits from nearby access to State Highway 10 (60,100 VPD) and Interstate 95 (179,100 VPD), making this a centralized location with direct access to Downtown Providence. The asset is ideally situated within a dense retail trade area with strong surrounding retail tenants including CVS Pharmacy, Bank of America, Citizens Bank, AutoZone, Lowe’s, Stop & Shop, Burlington, and others. The strong tenant presence drives a steady stream of loyal, local consumers to the area, promoting crossover exposure and contributing to the local economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Pocasset Village (121 units), Knightsville Manor (99 units), D’evan Manor (127 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 352,900 residents and 244,000 daytime employees with a healthy average household income of $101,047.