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| Coventry Crossing, Coventry, RI |
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| Margaret Huelskamp |
COVENTRY, R.I., Sept. 24, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Coventry Crossing, a
20,752-square-foot CVS-anchored shopping center in Coventry, R.I. The $11.6
million sales price equates to $559 per square foot.
Robert
Horvath, a vice president investments, and Todd Tremblay, also a
vice president investments, both in Marcus & Millichap’s Boston office, and
Margaret Huelskamp, a senior associate in Providence, R.I., represented
the seller, Coventry Crossing LLC. Horvath and Tremblay also represented the
buyer, Cole Capital Advisors Inc.
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| Robert Horvath |
“The CVS
has more than 19 years remaining on the original base term,” says Tremblay.
“All tenants have scheduled rental increases every five years throughout the
base term and option periods.”
Built in
2008 on 5.65 acres, the center is located at the signalized intersection of
Arnold Road and the New London Turnpike at 2250 New London Turnpike in
Coventry, R.I. It is directly across the street from the entrance to the Centre
of New England development and off exit 7 from Interstate 95.
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| Todd Tremblay |
Coventry Crossing features three freestanding buildings. CVS
and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack
occupy the third building. CVS and Webster Bank make up 77 percent of the
center’s gross leasable area and generate 73 percent of its income.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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