January 31, 2025 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Warwick Avenue Plaza in Warwick, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,300,000.
Warwick Avenue Plaza is located at 2103-2107 Warwick Avenue in Warwick, Rhode Island. Warwick Avenue Plaza is an 8,581 square foot retail plaza on a 0.48-acre parcel. The plaza is fully occupied by four (4) local tenants and provides upside through the lease up of a freestanding detached flex building with garage at the rear of the Property. Larry’s Liquors has been at the Property for more than 15 years and has 4+ years remaining on their lease with one (1), 5-year option. Don’s Pizza has also been the Property for more than 15 years and has 2+ years remaining on their lease with one (1), 5-year option. Shop Smart Convenience Store has been at this location since 2019 and has less than one year remaining on their lease with one, 10-year option. Venus Nails has been at the center since 2021 and has 1+ years remaining on their lease with one (1), 5-year option. Each of the tenants have net leases and reimburse their pro-rata share of real estate taxes, insurance and common area maintenance. The leases also provide attractive rent increases, providing a steady increase in income and an attractive hedge against inflation. The Warwick Avenue Plaza is positioned along Warwick Avenue (RI Route 117A), in the eastern portion of the city. The Property has outstanding visibility, frontage and access along Warwick Avenue, the area’s primary commercial and commuter corridor. The Property is positioned 3-miles east of TF Green International Airport and is surrounded by densely populated residential neighborhoods that provide a built-in customer base. Additionally, the Property is close to area schools, municipal buildings and national retailers that drive traffic to the area.
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.