February 18, 2021 – Bob Horvath, Todd Tremblay, and Dan Bernardini of Horvath & Tremblay have successfully completed the sale of a Starbucks, Chipotle and Orangetheory center in Warwick, Rhode Island. Horvath & Tremblay represented the buyer in this transaction at a sale price of $5,750,000.
The three-tenant center is occupied by Starbucks, Orangetheory Fitness, and Chipotle, and is an out parcel located at 1191 Division Street in Warwick, Rhode Island. The property is located approximately 14 miles south of downtown Providence and is comprised of a newly constructed 7,947 square foot retail building situated on a 1.88-acre parcel. Chipotle is subject to a 15-year corporate guaranteed lease, Starbucks is subject to 10-year corporate guaranteed lease with a drive-thru window, whereas Orangetheory Fitness is subject to a 10-year lease. The site is located in the suburban community of Warwick, with 110,702 residents in a five miles radius that have an average household income over $95,000. East Greenwich is the wealthiest municipality in the state of Rhode Island. The site’s location in an affluent suburban community, excellent traffic exposure, combined with a desirable tenant mix and new construction, make it an excellent net lease investment opportunity.
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.