Pace Blvd

An adaptive reuse from a tired, vacant junior box

The centrally located retail building and land condominium is located in a heavy retail corridor within a regional power center with neighboring national tenants.

Building name:
Penske Automotive
building location:
Warwick, Rhode Island
Construction type:
3+ Acre, 42,000sf
Market sector:
building type:
Adaptive Reuse
total project cost:
project completion date:
September 2019
The 42,000 square foot former junior box serves as Penke’s pre-delivery inspection center and Mercedes commercial fleet repair.

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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