The centrally located retail building and land condominium is located in a heavy retail corridor within a regional power center with neighboring national tenants.
The property was previously a Sports Authority and was vacated by Planet Fitness. Due to Gaspee’s outlook into the economy and insider market knowledge, Gaspee approached Penske Automotive who had a luxury automotive campus next-door. The company was making a significant investment in the area so Gaspee agreed to a below market, long-term lease agreement while matching funding with record low debt rates. As a result of below market rents, Gaspee was poised to hedge against inflationary headwinds.
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