COVENTRY – A 21,000-square-foot commercial center recently sold for $9.22 million, according to public records.
Coventry Crossing, located at 2300-2380 New London Turnpike, was sold by ARG CCCOVRI001 LLC, a limited liability company based in Newport, according to the quitclaim deed, a public record of the transaction.
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The commercial center, located near Exit 7 off Interstate 95, was purchased by RCG Coventry PM LLC, a limited liability company based in Atlanta, according to the deed.
The seller, ARG CCCOVRI001 LLC, is affiliated with Jesse Galloway, executive vice president and general counsel of Global Net Lease, a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net-leased assets across the United States, western Europe and northern Europe.
The Atlanta-based buyer, RCG Coventry PM LLC, is managed by RCG MOMENTUM I LLC. The company is a pooled investment fund, headed by executives Randy Garfinkle, Wilkes Graham and Michael Klump.
Coventry Crossing comes with 5.65 acres of land, according to an advertisement for the property on the commercial real estate site LoopNet.
The main building, which houses a CVS Pharmacy, was constructed in 2008, according to the online database.
The main portion of the property, containing the CVS, was most recently valued by Coventry property assessors in fiscal year 2024 as being worth $5.31 million, according to the town’s online property tax evaluation database.
In addition to CVS, tenants include Navigant Credit Union and Tropical Smoothie Cafe. There’s also additional space available for lease. The property comes with 160 parking spaces.
The property is located across the street from Centre of New England, home to Walmart, The Home Depot and BJ’s Wholesale Club, along with hotels, restaurants, retail banking, an urgent care center and the Village Green residential community.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
