November 12, 2020 – Bob Horvath and Todd Tremblay 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 $1,649,019, a 5.35% Cap Rate.
Chase Bank occupies 3,590 square feet on the first floor plus 1,197 square feet of finished lower level space of the 146 Westminster Street office building in Providence, Rhode Island. The Chase Bank retail condominium is in a historic mid-rise office building ideally located in the heart of Providence’s Central Business District. The space was completely renovated for Chase Bank and features a modern design with customer work areas, and a “client lounge”. Chase Bank has 9 years remaining on a triple-net lease with four (4), 5-year option periods. The lease features 10.0% increases every five years throughout the base term and option periods. Chase Bank is extremely well located at the intersection of Westminster Street and Orange Street. The busy pedestrian intersection allows Chase Bank to serve and attract the tens of thousands of corporate and government employees working in Downtown Providence. There are approximately 29,500 residents and 83,460 employees living and working within a 1-mile radius of the property.
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.