News: Retail
Posted: June 24, 2016
Horvath & Tremblay completes two sales totaling $6.4 million
Bob Horvath, Horvath & Tremblay
Dowling Village - North Smithfield, RI
Todd Tremblay, Horvath & Tremblay
North Smithfield, RI Horvath & Tremblay is continuing to place capital up and down the East Coast exclusively representing property buyers, sellers and fulfilling 1031 exchange requirements. Their most recent sales total $6.4 million and include a multi-tenant retail center located within Dowling Village and a newly constructed Aspen Dental.
Bob Horvath and Todd Tremblay of Horvath & Tremblay have brokered the sale of a multi-tenant retail center located within Dowling Village in North Smithfield, R.I. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $4.7 million and a cap rate of 6.22%.
The newly constructed, nationally-branded junior anchor retail center is well located within Dowling Village, a 600,000 s/f regional power center located off of Rte. 146A. The multi-tenant retail center is tenanted by nationally recognized brands including: Sleepy’s, Supercuts, GNC and Verizon Wireless.
Horvath & Tremblay also procured the buyer to complete the sale of a freestanding Aspen Dental in Tilton, N.H. Horvath & Tremblay worked exclusively with a local 1031 exchange buyer to fulfill his exchange requirement and closed the property at a sale price of $1.7 million, and a 6.6% cap rate.
Aspen Dental benefits from its prominent location and high visibility along Rte. 3 at the signalized intersection to the entrance of Tilton Center, a 243,000 s/f shopping center anchored by Lowe’s Home Improvement and Kohl’s. Newly constructed in 2014, the property is located on an out-parcel to the center and is adjacent to a freestanding Pizza Hut and Chili’s Grill and Bar. Aspen Dental signed a new 10-year triple net (NNN) lease in January 2014 which includes (3) five year options with rental escalations scheduled every five years throughout the base term and at the beginning of each option period. The property is located less than one mile west of I-93 at Exit 20 in an area with retailers including Walmart Supercenter, Market Basket, McDonald’s, KFC, Holiday Inn Express and Suites, and Dunkin’ Donuts.
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