June 10, 2021 – Mark Brockwell of Horvath & Tremblay has successfully completed the sale of Mobil in Milton, Washington. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $660,000.
Mobil is located at 728 Meridian Avenue East in Milton, Washington. The stand-alone building was constructed in 1995 and is comprised of 902 square feet with twelve (12) fueling stations on a 0.40-acre lot. Mobil has 17 years remaining on their triple net lease with four, 5-year renewal options. The tenant’s rent includes 2% annual steps providing for fixed, annual increases in revenue. The Tenant (Operator) is a vertically integrated gasoline distributor with multiple locations. The Property is strategically located at an easily accessible, heavily trafficked, signalized intersection, at the corner of Meridian Avenue, 8th Street East, and Milton Way, along Milton’s primary retail corridor. Approximately 48,976 vehicles pass the site daily at the intersection. The property sits across the intersection from a Walgreen’s Pharmacy, 7-Eleven, and a Safeway anchored shopping center. The city of Milton is located in King and Pierce County and has a population of approximately 8,000 residents. Milton is located on Interstate-5, approximately 25-miles south of Seattle and 8-miles east of Tacoma. The subject property is located in the primary trade area on the border of Milton and the larger town of Edgewood. Approximately 183,721 people live within a five-mile radius of the property.
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.