896 Tiogue Ave
Coventry, RI 02816
Santander Bank | Large 12% Rent Increases · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this Santander Bank located in Coventry, Rhode Island. The Tenant, Santander Bank, has 10 years remaining on an absolute NNN lease with no landlord responsibilities. The lease features larger than typical 12 percent rental increases every five years during the base term and 10, five-year option periods. Over the base term of the lease, at the asking price, the average cap rate is 5.83 percent. The branch was initially built for Sovereign Bank which was acquired by Santander Bank in October 2013. Santander Bank, N. A., is a wholly owned subsidiary of Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. The chain has $54.7 billion in deposits, operates about 650 retail banking offices. Santander Bank, N.A. is rated “BBB+” by Standard & Poor’s, or investment grade. The banking network was ranked #31 of all banks in the United States in deposits in 2017. The Property is a pad to a 63,128-square-foot Stop & Shop, positioned at the signaled entrance to the grocery store along Tiogue Avenue (Rhode Island Route 3). It is located adjacent to Advance Auto Parts and Jiffy Lube, and diagonally opposite a Walgreens pharmacy. All of these uses are synergic for neighborhood retail activities. The Tenant is positioned with prominent frontage and two easy points of access from Tiogue Avenue and the Stop & Shop parking field. This portion of Tiogue Avenue is commercially dense with notable retailers including CVS pharmacy, McDonald’s, AutoZone, O’Reilly Auto Parts, Dollar Tree, Burger King and Tractor Supply Company. On average, 16,345 vehicles travel this segment of Tiouge Avenue per day. Coventry is a suburb of Providence, located 19 miles southwest, the capital city and primary commercial, industrial, and residential area for the state. The three-mile population density is strong, with more than 41,000 people.