SMITHFIELD – A 3,100-square-foot commercial building in Smithfield, occupied by its original tenant, Citizens Bank, recently sold for $4.8 million, according to Horvath & Tremblay, which represented the seller.
The 596 Putnam St. property was purchased by Dorchester Avenue Holding LLC and was sold by 596 Putnam Realty LLC, according to the warranty deed, a public record documenting the sale.
The single-story building was constructed in 2017 as a branch location for Citizens Bank, the real estate firm said. Before the building opened, Citizens Bank formerly operated a branch location in a retail center across the street.
Citizens Bank still has more than 11 years remaining on the company’s triple net lease for 596 Putnam St., which comes with three five-year renewal options, the real estate firm said.
The bank building and the 0.73 acres of land it stands on were most recently assessed by Smithfield officials in 2022 at a total value of $1.2 million, according to the town’s online property tax evaluation database.
With a gabled roof, the building is made from prefabricated wood for the exterior wall, along with brick and stone, according to the online database.
The real estate includes a $37,000 automatic teller machine, a $10,000 vault and $4,400 in outdoor lighting fixtures, according to the database. The bank property also includes 12,000 square feet of paved surface for the parking lot, along with a dedicated drive-thru lane and window.
The Citizens Bank branch in the Greenville neighborhood of Smithfield is one of 1,200 branches in 14 states operated by Citizens Financial Group Inc., which is headquartered in Providence. There are more than 30 Citizens Bank branches operating in Rhode Island, according to the company’s website.
Marc Larocque is a PBN contributing writer.
