August 31, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a CVS in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $3,715,000, a cap rate of 6.6%.
CVS fully occupies the 9,450-square foot property located along Manton Avenue in Providence. CVS signed the original 20-year double net (NN) lease in April 1998 and has over six years remaining on the base term of the lease with (4) five year options. This CVS has become a well-established drug store location having operated at this site since 2000. The property is well-positioned at a signalized intersection across the street from Stop & Shop and Wendy’s and is adjacent to a free standing Family Dollar. Located less than one mile from the property is Rhode Island College; a 180-acre campus with a student body of over 9,000 students.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.