COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. 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. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.
48
previous post