August 20, 2019 – Peter Butler and Matthew Nadler of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,360,000.
The Citizens Bank building is located at 919 Westminster Street in downtown Providence, Rhode Island. The location is under construction, but will have a newly built stand-alone building with a drive through. This is a relocation store from across the street. Citizens Bank has been in the neighborhood for many years and this new location will have a 15-Year NNN Lease with three, 5-year options. The lease features 10% increases every five years throughout both the current term and the option periods.
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.