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Off Market
1/6

290 Branch Ave
Providence, RI 02904


HIGHLIGHTS

  • 8,500 Rentable Square Foot Medical Office Building 100% Leased to Concentra Urgent Care
  • Concentra Provides a Corporate Guaranteed Lease, With Over 520 Medical Centers in 44 States
  • Approximately 5 Years Remaining On NNN Lease | One, Five-Year Option
  • 2.5% Rent Increases Annually, Providing a 7.76% Blended Cap Rate Over the Base Term
  • 1 Mile to Brown University, 3 Miles to Downtown Providence, 11 Miles to T.F. Green Airport

OVERVIEW

Subject property is an 8,500 rentable square foot medical office building situated on 0.97 acre in Providence, Rhode Island. The property was a built-to-suit for Concentra in 2009. Concentra is the largest National Health Care provider of occupational medicine, urgent care, physical therapy, and wellness services. As a subsidiary of Select Medical Holdings (NYSE: SEM), Concentra has no outstanding syndicated debt, and provides a Corporate Guaranteed Lease. There are approximately five years remaining on Concentra’s NNN lease, with one, five-year renewal option. Rent increases 2.5% annually, providing a 7.76% blended Cap Rate over the initial base lease term. Concentra Urgent Care has great street visibility with approximately 650 total feet of frontage on Royal Little Drive, Branch Avenue, and Silver Springs Road. It is one block from the Interstate-95 ramp, which benefits from 261,000 vehicles daily. Property is positioned within a heavily trafficked retail corridor. Nearby nationally recognized retail tenants include Walmart, The Home Depot, Direct TV, AAA Insurance, Wendy’s, Subway and more.

FOR SALE DETAILS

PRICE

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CAP RATE

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% LEASED

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TENANCY

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BUILDING DETAILS

PROPERTY NAME

Concentra Urgent Care

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

8500

STORIES

1

BUILDING CLASS

C

YEAR BUILT

2009

SPRINKLERS

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PARKING SPACES

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LAND DETAILS

LAND ACRES

0.97 AC AC

LAND SF

42,253 SF

ZONING

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APN/PARCEL ID

PROV-740394-000000-000000