February 22, 2021 – Bob Horvath, Todd Tremblay, and Hobart Hare of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in West Warwick, Rhode Island. Horvath & Tremblay represented the seller and procured the buyer in this transaction at a sale price of $6,835,000, a 5.17% Cap Rate.
CVS Pharmacy is located at 1270 Main Street in West Warwick, RI. CVS has more than 20 years of term remaining on a Double-Net Lease, plus five (5), 5-Year renewal options. The lease calls for fixed 5% rent increases every five years throughout the base term and 10% increases at the start of each renewal option. The 13,178 square foot, stand-alone building was constructed in 2016, and is situated on a 2.1-acre corner parcel at the signalized intersections of Main Street, Washington Street and Saint Mary’s Street in a densely populated residential and commercial neighborhood. CVS is located less than 0.25-miles from the interchange with Interstate 195. The property offers three points of access and features excellent visibility, ample parking, and a dedicated pharmacy drive-through lane. The property further benefits from its walkability in a densely populated residential neighborhood with more than 118,500 people residing within a 5-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.