December 23, 2022 – Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Pawtucket, Rhode Island. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $2,800,000.
Citizens Bank is located at 380 Smithfield Avenue in Pawtucket, Rhode Island. The Property contains 2,371 square feet on a 0.45-acre parcel of land. The Property was extensively remodeled for the Citizens Bank in 2022 and they signed a new 10-year Absolute NNN Lease with three (3), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary term and at the start of each renewal option. The Property is well positioned at the signalized intersection of Smithfield Avenue and Mineral Springs Avenue (RI Route 15), the area’s primary commercial and commuter corridor. The Property is surrounded by densely populated residential neighborhoods providing a built-in customer base and is 1-mile from RI Route 146 and Interstate 95, and 1.5-miles from the Pawtucket/Central Falls Train Station.
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.