June 28, 2023 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Lowe’s Home Improvement in North Providence, Rhode Island. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $15,300,000 a 6.53% Cap Rate.
Lowe’s Home Improvement is located at 1703 Mineral Springs Avenue in North Providence, Rhode Island. Lowe’s was constructed in 2009 and consists of a 125,400 square foot building on a large 11.1-acre corner parcel. Lowe’s has 7 years remaining on their Absolute NNN Ground Lease with eight (8), 5-year renewal options. The Lease calls for an attractive 10.0% rent increase at the start of the first renewal option and 5% rent increases at the start of the other seven renewal options. The Property is strategically located at the signalized intersection of Mineral Springs Avenue (RI Route 15), one of the area’s primary commercial corridors and Douglas Avenue (RI Route 7), a commuter artery connecting the Property with downtown Providence. Lowe’s is positioned 3-miles north of the Providence CBD and offers convenient access to US Route 44 and RI Route 146. The Property is surrounded by densely populated residential neighborhoods (357,200 people within 5-miles) providing a built-in customer base, and national and local retailers that drive traffic to the area as more than 33,100 vehicles pass the property each day.
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.