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Oct. 4, 2013

Cole Buys Coventry Retail Center for $11.6M; Gilbane Gets Green Light for East Side M-F Project

by Adriana Pop, Associate Editor

Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot CVS-anchored shopping center in Coventry, for $11.6 million, or $559 per square foot.

Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing L.L.C., while Horvath and Tremblay also represented the buyer.

Located about 20 miles south of Providence, Coventry Crossing was built in 2008. The 5.7-acre property features three buildings across the street from the entrance to the Centre of New England development. CVS and Webster Bank each occupy one building, while Dunkin’ Donuts and Radio Shack share the third.   

 “The CVS has more than 19 years remaining on the original base term,” Tremblay said in a news release. “All tenants have scheduled rental increases every five years throughout the base term and option periods.”

In other news, the Providence Journal reports that a Rhode Island Superior Court judge has cleared the way for Gilbane Development Co. to build a $15 million, 95-unit apartment building on Thayer Street on Providence’s East Side.

The project requires the demolition of nine houses on a block near Brown University, which has drawn opposition from some East Siders. Previous appeals to the City Plan Commission and the zoning appeals board had failed to halt the development.

In June, Stonehenge Partners L.L.C., an affiliate of Shore Properties Rhode Island, sought to block the project by appealing a ruling from the city’s Zoning Board of Appeal, which green-lighted Gilbane’s proposal. On September 11, Superior Court Judge Michael Silverstein ruled that the appeals board acted properly in approving the development. Construction is expected to be completed by next August.

Photo credits: www.loopnet.com

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