August 12, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Mr. Tire in Absecon, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $1,225,000.
Mr. Tire is located at 918 White Horse Pike in Absecon, New Jersey. The Property consists of a 5,100 square foot building on a 0.80-acre parcel. Mr. Tire has 10+ years remaining on their lease with two (2), 5-year renewal options. The lease features a corporate guarantee from Monro Inc. and calls for attractive 10% rent increases in 2027 and at the start of each renewal option. Mr. Tire is well located along White Horse Pike (US Route 30), the primary commercial and commuter corridor in Absecon. The Property benefits from outstanding frontage, visibility and two points of access along the heavily traveled road. The Property is 0.8-miles from US Route 9 and 2.5-miles from the Garden State Parkway. US Route 30 is one of two primary roadways leading into Atlantic City; the Property is well positioned along US Route 30 and is surrounded by national retailers and more than fifteen (15) hotels and motels within 3-miles 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.