September 21, 2022 – Bob Horvath, Todd Tremblay and Joe DeSalvo of Horvath & Tremblay have successfully completed the sale of a United States Post Office in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,300,000.
The United States Post Office is located at 53 Broad Street in Providence, Rhode Island. The United States Postal Service has operated at this location for 50 years (since 1972). The United States Postal Service preemptively extended their lease term demonstrating their commitment to the site and the market. The USPS lease has 6+ years remaining on their lease with two (2), 5-year renewal options. The lease also features attractive rent increases at the start of each renewal option. The Property is situated at the signalized intersection of Broad Street and Greene Street in the heart of Providence’s Central Business District among a myriad of high-rise office towers, government buildings, colleges/universities, hotels, restaurants and points of interest including Providence City Hall, the Providence Riverwalk, Providence Place, Providence Station, Providence Performing Arts Center, the Rhode Island Convention Center, the Dunkin’ Donuts Center and Johnson & Wales University. The Property also enjoys convenient access to Interstates 95 & 195 and US Routes 1, 6, and 44.
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.