April 20, 2022 – Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay have successfully completed the sale of Chase Bank in Providence, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,705,882.
Chase Bank is located at 280 Valley Street in Providence, Rhode Island. The new construction Chase Bank consists of a 2,860 square foot building with a dedicated drive through lane on a corner parcel. Chase Bank signed a new 15-year absolute NNN ground lease with four (4), five-year renewal options and rent increases of 10% every five years throughout the base term and option periods. Chase Bank is situated at the signalized intersection of Valley Street and Atwells Avenue, and also occupies the corner of Valley Street and Newark Street, with outstanding frontage and visibility along a densely populated, heavily travelled commercial corridor. The intersection sees more than 27,600 vehicles per day. The Property is located across from the Price Rite of Providence, the area’s primary grocery store, and is within 1.5-miles of Providence Place, a Regional Mall with 140 stores and restaurants in 1.4 million square feet, The Rhode Island Convention Center, the Dunkin’ Donuts Center (Arena), and the Rhode Island State House (and other government office buildings). The Property is also within 1-mile of both the Roger Williams Medical Center (hospital) and the Providence VA Hospital.
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.