Investment Overview

The subject property is a DoorDash and Lifespan tenanted net leased flex industrial building located in Providence, RI. The property consists of 37,800 square feet of flex industrial space primarily comprised of office and storage space that sits on 2.21 acres of land. DoorDash has been operating at this location since 2021 and uses it as their DashMart Providence location. DashMart is the DoorDash direct to consumer virtual convenience store brand and the space is also equipped with a commissary kitchen. The property is strategically located within 12 minutes drive from over 25,000 college students attending Brown University, Providence College, Johnson & Whales University, Rhode Island School of Design, Rhode Island College as well as the satellite campus for the University of Rhode Island Providence. Lifespan has been operating at this location since 2018 and is the largest hospital system in the State of Rhode Island comprised of 3 Teaching Hospitals (Rhode Island Hospital, Miriam Hospital and Bradley Hospital) along with Newport Hospital as well as the largest community behavioral health care group (Gateway Healthcare) and the states largest multi-specialty practice (Lifespan Physician Group). Lifespan has leased their space under The Miriam Hospital facilities as off site storage for their main hospital campus which is located less than 1.5 miles away. Each tenant operates under a NNN lease reimbursing for their pro rata share of expenses and each lease also provides for annual increases. Additional Revenue is derived from an on site billboard owned and operated by The Lamar Companies and a new roof mounted solar system lease.