1 Sovereign Way
East Providence, RI 02915
Santander Bank · Office Property For Sale
INVESTMENT HIGHLIGHTS
- Corporate Guarantee by Santander Bank N.A. – Santander has investment-grade rated credit with an A credit rating by Standard & Poor’s.
- E-Commerce Resistant Concept - As the banking industry continues to transition into a digital industry, call centers are more essential than ever.
- Passive Lease Structure - The tenant is responsible for the majority of expenses: taxes, insurance, CAM, and HVAC. LL is only responsible for roof.
- New Lease Extension – Santander renewed their lease for another 5 years in 2020; demonstrating a strong desire for long-term tenancy.
- Below Market Rent - The tenant is currently paying roughly $12 PSF, compared to the submarket's rent of $19.74 per CoStar.
- Long-Term Occupancy - Santander Bank has operated at this location for over 20 years, demonstrating their long-term commitment to the site.
PROPERTY FACTS
Property Type
Office
Building Size
141,000 SF
Building Class
C
Year Built
1983
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
70,500 SF
Slab To Slab
12’
Building FAR
0.19
Lot Size
17.49 AC
Zoning
I3
Parking
560 Spaces (3.97 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Atrium
- Banking
- Bus Line
- Controlled Access
- Courtyard
- Property Manager on Site
- Signage
PROPERTY TAXES
| Parcel Number | EPRO-000608-000002-000015 | Improvements Assessment | $11,186,700 |
| Land Assessment | $3,649,800 | Total Assessment | $14,836,500 |
