January 4, 2022 – Matt Nadler, Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of O’Reilly Auto Parts & Dollar Tree in West Warwick, Rhode Island. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,999,999.
O’Reilly Auto Parts and Dollar Tree are located at 272 Cowesett Avenue in West Warwick, Rhode Island. The build to suit, two-tenant plaza is improved with O’Reilly Auto Parts and Dollar Tree and contains 16,225 square feet on a 1.91-acre parcel. The Property was completed in 2020, O’Reilly Auto Parts has 14+ years remaining on the double net lease with four (4), 5-Year renewal options. Dollar Tree has 9+ years remaining on their double net lease with three (3), 5-year renewal options. The O’Reilly Lease calls for 6.0% rent increases every five years throughout the primary lease and at the start of each renewal option. The Dollar Tree Lease calls for a $0.50 per square foot rent increase in year 6 and at the start of each of their renewal options. The Property is well located along Cowesett Avenue (RI Route 3) and benefits from outstanding visibility and frontage. The location is part of a dominant trade area centered around the junction of Cowesett Avenue (RI Route 3) and Quaker Lane/Bald Hill Road (RI Route 2), which serves as a connector road between the state’s two primary highways, Interstates 95 and 295. The area is home to numerous businesses, national tenants and proximity to Interstate 95 drawing significant traffic to the area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.