The Simon Konover Company (TSKC) announced that it has acquired 22 Dowling Village Boulevard in North Smithfield, Rhode Island, a single tenant property operated as a Firestone Complete Auto Care.
K Groton, LLC, an affiliate of TSKC, acquired the 1.43 acre property on October 13, 2016. The acquisition was structured as a 1031 exchange following K Groton, LLC’s recent sale of Lighthouse Square in Groton, Connecticut. The property will be managed by Konover Commercial Corporation.
The property, which features an 8,850 square foot building built in 2013, is situated within Dowling Village, a major power center anchored by Wal-Mart and Lowes. The property is leased to Bridgestone Retail Operations, LLC, a subsidiary of Bridgestone Americas, Inc. which operates nearly 2,200 Bridgestone/Firestone tire and vehicle service centers across the United States.
“This was an attractive opportunity due to the fact that the tenant has a ground lease with an initial term of 20 years,” said James Wakim, President and Chief Operating Officer of The Simon Konover Company. “This acquisition will serve TSKC well as we strategically expand and diversify our retail portfolio across the New England area.”