October 1, 2021 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a new construction Chase Bank in Cranston, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,650,000.
The Chase Bank ground lease is located at 175 Atwood Avenue in Cranston, Rhode Island. The new construction retail branch consists of a 3,470 square foot building with two dedicated drive through lanes on a corner parcel. Chase Bank signed a new 20-year ground lease that currently has 19+ years remaining with five (5), five-year renewal options. The Lease call for rent increases of 10% every five years throughout the base term and option periods. Chase Bank is situated at the signalized intersection of Atwood Avenue (RI Route 5) and Phenix Avenue (RI Route 12), and also occupies the corner of Atwood Avenue and Weber Street, with outstanding frontage and visibility along two densely populated, heavily travelled commercial corridors. The Property is located across from Stop & Shop, the area’s primary grocery store. The location is surrounded by numerous businesses, national tenants, and professional centers drawing significant traffic to the 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.