December 27, 2024 – Matt Nadler, Aaron Huntley, Bob Horvath and Jack Laurendeau of Horvath & Tremblay have successfully completed the sale of a retail center in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,700,000.
The Retail Center is located at 550 Hartford Avenue in Providence, Rhode Island. Located in the Hartford neighborhood of Providence, the plaza was constructed in 1988 and is improved by a 40,526 square foot building on a large 4.43-acre parcel of land. The Property is 100% leased to ten (10) tenants and is anchored by Dollar General and Advance Auto Parts with the remainder of the space leased to Subway and several local and regional retailers and service tenants that cater to the needs of the area residents. Five of ten tenants have net leases and are responsible for reimbursing their pro-rata share of operating expenses, repairs, and maintenance, making it an attractive investment for the passive real estate investor and protecting against rising expenses. The Property has been well maintained and recently received a new façade, and roof work was recently completed. Additionally, Subway just remodeled their store. The plaza is well located along Hartford Avenue (US Route 6A), the area’s primary commercial and commuter corridor in the Hartford neighborhood of Providence. Positioned at the signalized intersection of Hartford Avenue and Petteys/Glenbridge Avenue, the Property enjoys outstanding frontage, visibility and access and is 0.5-miles from US Highway 6. The Property is surrounded by densely populated residential neighborhoods that provide a built-in customer base and is less than 3-miles from Downtown Providence and the Central Business District.
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.