October 16, 2016 – Bob Horvath and Mark Thiel, have successfully completed the sale of a newly constructed LA Fitness located in Pawtucket, Rhode Island. Bob and Mark worked exclusively with the seller and procured the buyer to close the sale price of $14,666,667.
Strategically positioned along Pawtucket Avenue, the newly constructed, built-to-suit, 45,000-square foot state-of-the-art facility is 100% occupied by LA Fitness who operates under a new corporately guaranteed lease. The property benefits from its highly visible location with multiple points of ingress/egress and ample parking (300 spaces). Due to the lots ample size, the convertibility of the property in the future would offer the investor the capability of redeveloping the site to include additional pad sites. LA Fitness is located at Exit 25B of off heavily traveled Interstate 95 – a major commuter route servicing travelers from Connecticut through Warwick and Providence and to the Massachusetts state line in Pawtucket. Traffic counts along Interstate 95 are in excess of 133,500 vehicles per day and 18,500 vehicles per day along North Main Street. National tenants along North Main Street and Pawtucket Avenue include: Walgreens, Ocean State Job Lots, Hess, Dunkin’ Donuts, Chili’s Grill and Bar, Pep Boys, and Deals. The property benefits from its location in a densely populated area with a population base in excess of 390,000 within a five-mile radius.
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.