August 29, 2022 – Aaron Huntley of Horvath & Tremblay has successfully completed the sale of a CVS in Central Falls, Rhode Island. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $6,150,000.
CVS is located at 309 Broad Street in Central Falls, Rhode Island. The stand-alone building consists of 12,653 square feet on a 1.299-acre parcel of land. CVS has occupied this location since its construction in 2008 and has 11+ years remaining on their Absolute NNN lease with eight (8), 5-year renewal options. The lease features attractive 5% rent increases at the start of each renewal option. This CVS is located less than a mile from a $284 million soccer stadium mixed-use re-development project which is currently under construction. The project will feature, amongst other components, a state-of-the-art 11,000 seat soccer stadium, with the ability to expand to 15,000 seats. Other components include and a 235-unit apartment complex, along with office, retail, and restaurant space. Additionally, CVS is located within a half-mile from a new $47 million train station and bus hub, set to open by the end of 2022. This station will connect passengers to Boston, Providence, and T.F. Green Airport and will re-route commuters from a less convenient station in Massachusetts. CVS is also located within five minutes of Central Falls High School, William E. Tolman High School, Dr. Earl F. Calcutt Middle School, Saint Raphael Academy, and Joseph Jenks Junior High School, providing for consistent 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.