October 25, 2022 – Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Smithfield, Rhode Island. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $4,800,000.
Citizens Bank is located at 596 Putnam Pike in Smithfield (Greenville), Rhode Island. The Property contains 3,000 square feet on a 0.73-acre parcel of land. The Property was constructed for Citizens Bank in 2017 and they have 11+ years remaining on their Absolute NNN Lease with three (3), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary term and at the start of each renewal option. The Property is a relocation and replacement of the Citizens Bank branch formerly located across the street in a retail strip center. The newer building is located at an improved, more visible, location with better parking and access. The Property has a dedicated drive-thru lane, an ATM and an attractive architectural design with high end finishes, and beautifully landscaped grounds. The building has enhanced the downtown neighborhood of Greenville, a village of Smithfield, and further solidified Citizens Bank’s presence in the area. The Property benefits from its strong location along Putnam Pike (US Route 44), the area’s primary commercial and commuter road, and its proximity to Interstate 295.
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.