February 14, 2018 – Bob Horvath, Todd Tremblay, and Peter Butler of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Smithfield, Rhode Island. Horvath & Tremblay represented the seller to close the property for a sale price of $4,030,000.
Citizens Bank fully occupies a free standing, newly constructed 3,000-square foot building located along Putnam Pike. The new Citizens Bank has 15-year lease term, plus three, 5-year renewal options. The building was recently completed and the Citizens Bank triple net lease commenced on September 1, 2017. The new Citizens Bank is a relocation and replacement of the Citizens Bank branch formerly located across the street in a retail strip center. The new building is located at an improved, more visible, location with better parking and access. The building is expected to be an enhancement to the downtown neighborhood of Greenville, a village of Smithfield, and will further solidify Citizens Bank’s presence in the area. The former branch, located at 639 Putnam Pike, had a deposit base of $195 million.
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.