From Off-Market Lead to Offload:
A 20-Month Journey in Coventry, RI

Asset: 670 Centre of New England Blvd | Coventry, RI

Type: 50,000 SF Retail Box

Outcome: $460K Profit

The Call Came in 2023

Back in late 2023, a broker from the Marcus & Millichap Boston team called us:

“I’ve got a 50,000 SF vacant box in Rhode Island. Seller wants out.”

The price? $2.2M for a former Stop & Shop that had sat empty for 5 years.

Retail vacancy in the area was hovering around 12%. There was a lot of space to fill, and a lot of work to do. But the fundamentals — especially the price per square foot — were strong. And the seller was motivated.

We went in.

The Plan: Keep It Simple

We structured the deal with straightforward JV equity and no LP capital — just one partner and our team.

The play was classic value-add retail:

1. Re-tenant the box with a national brand.
2. Ride the cap rate compression as the market stabilized.
3. Flip it.

Simple. But not easy.

The Tenant: Planet Fitness

It took nearly a year, but we landed a national credit tenant: Planet Fitness.

We signed a long-term lease for 20,000 SF, leaving 30,000 SF still vacant. But the lease alone stabilized the asset and dramatically boosted valuation.

We prepped for exit.

The Exit

We sold the building in October 2025 for $3.6M.

After closing costs, taxes, and carry, we cleared approximately $460,000 in profit. The gains were split 50/50 between our team and our JV partner.

Deal Breakdown

Purchase Price: $2,200,000

Square Footage: 50,000 SF

Vacancy at Acquisition: 100% Vacant

Key Tenant Secured: Planet Fitness (20,000 SF lease)

Sale Price: $3,600,000

Net Profit: ~$460,000

Equity Structure: JV — 50/50 split with single partner

Lessons Learned

• National tenants drive value.Securing a credit-worthy tenant can do more for your exit price than leasing the entire box to locals.
• Simple ≠ Easy.This was a long game — nearly 2 years start to finish — but worth it.
• Know your exit strategy upfront.We bought to flip, and every move we made supported that goal.

Want in on the next one?

We’re always looking for smart money and strong partners.