NORTH SMITHFIELD – A Pennsylvania-based real estate development firm has purchased a Dowling Village building that currently holds a discount market, with the tenant on track to remain for at least nine more years.
Fifth Street North Smithfield, an LLC owned by Fifth Street Properties of Bethlehem, Penn., purchased 11 Dowling Village Blvd. for $3 million from DV IX, an LLC managed by developer Brian Bucci, according to a deed filed in the Town Clerk’s office on Monday, Oct. 21.
The 2.43 acre lot holds ALDI Grocery Store, just one of many retailers in the massive Dowling Village complex.
The single-story, 14,998-square-foot building on the property was constructed in 2013 by Bucci as part of a development that brought more than a dozen chain restaurants and department stores to North Smithfield. ALDI signed a 20-year lease for the lot that same year, and currently pays $170,500 in rent annually, according to a summary used to market the property.
Founded by the Albrecht family in Germany in 1961, ALDI is a discount supermarket chain that first came to the U.S. in 1976. ALDI’s has grown to more than 1,700 stores in 35 states and also does business as Trader Joe’s, making it the third largest grocery store in the country.
The North Smithfield store closed for several months in 2021 for a complete renovation.
Contacted on Friday, ALDI spokesperson Chris Daniels, the South Windsor division vice president, confirmed that the transaction would not affect operations.
“ALDI has no plans to close our store at 11 Dowling Village in North Smithfield,” Daniels said. “We recently remodeled this store and our customers are thrilled with the improved shopping experience. ALDI will continue proudly serving the area.”
“As one of the fastest-growing grocers in the U.S., we are planning to add 800 new stores nationwide by 2028, adding nearly 330 to our already strong presence in the Northeast and Midwest,” Daniels added. “We plan to invest more than $9 billion over the next five years towards the national expansion and hire more than 13,000 store and warehouse associates.”
Atlantic Capital Properties marketed the lot, which was initially listed for $3,247,600.
“North Smithfield, Rhode Island, is a picturesque town with a population of around 12,000 residents,” notes a write-up on the property. “Known for its suburban charm, the town has experienced steady economic growth, with a focus on maintaining a balance between residential and commercial development.”
Selling off the fully developed commercial space in Dowling Village marks the final phase of Bucci’s strategy for the land, which began when he first submitted a plan for what was then a vacant, wooded 133-acre space off of Eddie Dowling Highway some 20 years ago. The area includes now well-established anchor stores Lowe’s and Walmart, along with Planet Fitness, Firestone Tire and CVS, as well as residential units with apartments and condominiums.
Bucci’s various LLCs still owns much of the space with some notable exceptions.
In 2016, the 12,000 square-foot building that holds tenants Sleepy’s, GNC, Supercuts and Verizon sold for $4.7 million, and the lots that hold Texas Roadhouse and Buffalo Wild Wings were sold in 2018 for $1,950,000 and $1,975,000, respectively.
