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COVENTRY, RI-Hecht Development is selling the four-shop retail center for $9.7 million to an undiclosed regional investor. The property is 100% leased.

CVS, Dunkin Donuts, Webster Bank and RadioShack are the retailers, all with long-term leases, with the exception of RadioShack. The Shack has a lease that expires in 2014, whereas the other three slide off in 2033, 2018 and 2029, respectively for the 20,752-square-foot property on 5.65 acres of land. All four leases are NNN.

The purchase price works out to $467 per square foot with a cap rate of 7.86%. There was financing for the loan, but it was not disclosed.

Bob Horvath, Todd Tremblay and Al Taf represented Concord, MA-based owners Hecht Development, with only Horvath and Trembly repping the buyer.

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