1500 Bald Hill Rd, Warwick, RI 02886

SITE COMMITMENT & LEASE TERM: Michaels has been at this location since 1993 (32+ years) and has repeatedly demonstrated a strong commitment to this site by extending their lease three separate times. Currently, the lease has 7 years of term remaining followed by three (3), 5-year renewal options.

SCHEDULED RENT INCREASES: The Michaels lease calls for scheduled rent increases every 3 years for the remainder of their lease term with additional increases at the start of each of their 5-year renewal periods, providing the investor with an attractive increase in revenue and hedge against inflation.

MINIMAL MANAGEMENT RESPONSIBILITIES: The lease is Double-Net with the Tenant responsible for reimbursing 100% of real estate taxes, insurance, common area maintenance, and parking lot replacement. The Landlord is responsible for the roof and structure, making it an attractive investment for the passive real estate investor.

STRONG NATIONAL TENANT: Michaels Stores, Inc. (Michaels) is a privately held chain of over 1,200 American and Canadian arts and crafts stores. It is one of North America's largest providers of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators. In April 2021 the company was purchased by the private equity company Apollo Global Management.

STRATEGIC RETAIL LOCATION: Michaels is well-located in Marketplace Center, which sits between Bald Hill Road, the area’s primary retail and commercial corridor, and Centerville Road. Michaels and the entire center enjoy outstanding visibility and frontage, with direct access from both Bald Hill Road and Centerville Road. Michaels is 1-mile from Interstate 95, which offers direct access to Interstate 295 less than 2 miles away, and 1.9-miles from US Route 1. Additionally, the Property is 1.5 miles from the Kent County Memorial Hospital, 2.3 miles from the Community College of Rhode Island, 2.5 miles from the Warwick Mall, and 4 miles from TF Green International Airport. The location is part of a dominant trade area along Bald Hill Road that is home to countless national retailers and restaurants, numerous car dealerships, and several nationally branded hotels that drive traffic to the area.

TRAFFIC COUNTS: More than 31,900 vehicles pass the Property daily at the signalized entrance to Marketplace Center on Bald Hill Road, and an additional 20,100+ vehicles per day pass by the Property along Centerville Road.

DEMOGRAPHICS: Approximately 71,000 people live within a 3-mile radius of the Property with an average household income of $107,825. More than 138,900 people live within 5 miles of the Property with an average household income of $123,075. Additionally, there are more than 72,700 employees within 5 miles of the Property.

RETAIL TRADE AREA: Notable retailers and businesses driving traffic to the area include Bob’s Discount Furniture, Joann, Chick-fil-A, LA Fitness, Barnes & Noble, Veterinary Emergency Group, La-Z-Boy, Best Buy, Market Basket, Savers, Olive Garden, Starbucks, Target, TJ Maxx & HomeGoods, Harbor Freight, PetSmart, Staples, Chili’s, Petco, Stop & Shop, Applebee’s, Sally Beauty, Five Guys, KFC, Five Below, Pep Boys, Mattress Firm, Home Depot, Walgreens, Town Fair Tire, and many others on both directions along Bald Hill Road. An additional draw to the area is the numerous new car dealerships including Kia, Volkswagen, Honda, Audi, BMW, Maserati, Mini, Infinity, Lexus, and Mercedes Benz.