November 19, 2021 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Omnicare in Coventry, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,100,000.
Omnicare is located at 30 Centre of New England Boulevard in Coventry, Rhode Island. Omnicare, a CVS Health Company, is an industry leading provider of pharmacy services to Senior Living, Assisted Living and Skilled Nursing Facilities. The free standing, 21,600 square foot building was constructed in 1998. The tenant has 6.5+ years remaining on their Double Net lease with two (2), 5-year renewal options. CVS Health Corporation acquired Omnicare, Inc. in 2015 for approximately $12.9 Billion. Omnicare has occupied the Property since it was completed in 1998 and most recently signed a 7-year renewal in 2021, demonstrating their commitment to the site and the market. This is a well-established site for Omnicare as they have occupied the Property for over 23 years. The Property is located just off I-95, at the corner of Hopkins Hill Road and Centre of New England Boulevard, at the entrance to the mixed-use, “Centre of New England”, the largest commercial development in the state of Rhode Island. The Centre of New England development includes office, light industrial, senior living, assisted living, multifamily apartments, single-family residences and over one million square feet of retail space. Notable retail and commercial tenants located in the development include: Amgen, Home Depot, Walmart Supercenter, BJ’ s Wholesale Club, UPS, McDonald’s, Dunkin Donuts, Applebee’s, Denny’s, Wendy’s, La Quinta Inn & Suites, Fairfield Inn & Suites and Hampton Inn. Additional value to the location comes in the form of previously negotiated tax incentives including forgiveness in perpetuity of Rhode Island’s Wholesale/Retail Inventory Tax per Section 44-3-29.1 of the Rhode Island General Laws.
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.