April 12, 2021 – Jason Woods, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Tire Kingdom in Orange Park, Florida. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $1,775,000.
The Tire Kingdom is located at 1003 Blanding Boulevard in Orange Park, Florida. The stand-alone building consists of 5,760 square feet and sits on 0.70 acres of land. Tire Kingdom has occupied this site since 1994 and recently exercised an option to extend the lease for 5 additional years through November 2024, a testament to the strength of the location. The lease features two 5-year renewal options with annual rental increases equal to the lesser of 3% or the annual change in CPI, steadily growing the NOI and hedging against inflation. The tenant is on a double net lease providing an ideal, low-management investment opportunity for a passive investor. Tire Kingdom is located at a hard corner intersection along Blanding Blvd/State Rd 21, the primary thoroughfare traveling throughout Orange Park, averaging 53,500 vehicles passing by daily. The site benefits from excellent visibility along Blanding Blvd via a large pylon sign and significant highway frontage with multiple points of ingress/egress. The asset is within close proximity to The Village Shopping Center, a Publix anchored shopping center, which also includes a Bealls department store, promoting crossover store exposure to the subject site. Additionally, the property is less than 0.5 miles from the 24-hour Orange Park Walmart Supercenter, further increasing consumer draw to the immediate trade area. The 5-mile trade area is supported by a population of more than 133,000 and an average household income of $81,000.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.