January 24, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Frank Pepe’s and Red Wing Shoes in Warwick, Rhode Island. Horvath & Tremblay represented the seller in the transaction that closed at a sale price of $3,367,244.
The free-standing retail condominium located at 21 Universal Boulevard includes a 6,846 square foot building within the Bald Hill Commons power center. The Property is leased to two tenants. Frank Pepe’s Pizzeria Napoletana opened their 10th location in New England at the Property on May 14th and has a 12-year lease term. The second tenant, Red Wing Shoes, has been at the Property since 2005 and has since elected two, five-year options to extend their lease. The Property is located within the 90-acre power center known as Bald Hill Commons with street-frontage on one of Rhode Island’s largest and most visited retail trade corridors. The heavily traveled Bald Hill Road (Route 2) serves as a primary retail corridor for the surrounding area.
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.