Atwood Medical Center (Condo Units) 1524 Atwood Ave

The subject property is 118,000+/- square feet of medical office space situated on 5.48 Acres of land in Johnston, RI. The offering is comprised of 55 condominium units out of a total of 66 units spread between four interconnected buildings. Notable tenants include CharterCare of Rhode Island, Quest Diagnostics, Brown Surgical Associates and ATMED Urgent Care. The WALT for all units that are included in this offering is 2.7 years with 12 units currently vacant providing immediate upside through lease up. Also included in the offering is the right to build two additional buildings on the site. Preliminary plans indicate a building of slightly more than 10,000 square feet would be suitable at the frontage of the property between the two points of ingress/egress. This would add considerable exposure to the roadway for the entire property. Concept plans for a 2 story building of approximately 12,000 square feet located toward the rear of the property on an additional 1.05 acres of land offers further expansion capacity.
The property is centrally located on Atwood Avenue (Route 5) with two means of ingress/egress including a traffic signal which is shared with the adjacent USPS Postal Facility and the shopping center across the street which includes Walgreens, TD Bank and several other shops, restaurants and townhouses. Also nearby are the towns municipal services including the adjacent Fire Department and Police Station as well both the middle and high schools. The property is also located within the primary retail corridor which includes several supermarkets including a new Market Basket as well as Stop & Shop, Price Rite and Aldi. Home Depot is also off of Atwood Avenue along with a newly relocated BJ’s Wholesale Club, Burlington Coat Factory and other notable tenants include CVS, Walgreens, Starbucks, Chipotle, McDonald’s, Taco Bell, Five Guys, Ocean State Job Lot, Mavis Discount Tire, Popeye’s, Dunkin’ and KFC. Less than 1 mile from the property and directly off of Interstate 295 is a reginal auto hub which includes 8 car dealerships, a large Extra Space Self Storage Facility on over 5 acres and many other ancillary auto related businesses. The immediate area demographics reflect a large population over 90,000 within 3 miles and very strong incomes of nearly $90,000 within 1 mile.
The immediate area is well diversified and growing rapidly with examples that include a brand new 3,800,000 square foot Amazon facility less than 2 miles West as well as what will be a brand new 50 bed rehab hospital across the street from that facility. To the South is an 800,000 square foot office park which includes Dassault Systemes (French Multinational Software), FM Global Headquarters (“Best Property Insurer in the World” winner) and AIPSO Headquarters (Automobile Insurance Services). Just over 2 miles to the North is the $285,000,000 Citizens Bank Campus which employs about 3,000 people. Finally just over 5 miles East is Downtown Providence, RI the State Capital as well as the social and economic hub of the state.