COVENTRY, RI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Covenry 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. “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.
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.