December 22, 2022 – Michael Talbert, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Tire Kingdom in Lutz, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,750,000.
The Tire Kingdom is located at 2127 Brinson Road in Lutz, Florida. The stand-alone building consists of 7,000 square feet and sits on 0.66 acres of land. Tire Kingdom has operated at this location for over 26 years and recently extended their lease for an additional 10 years in June 2021. There are currently 8+ years remaining on the triple-net lease with two (2), 5-year renewal options. The lease calls for 10% rent increases every 5 years during the base term and 8% increases at the start of each renewal option. The Property is strategically located on Brinson Road, just off of Land O Lakes Boulevard (US Route 41), one of the area’s primary commercial and commuter roadways in the growing trade area in Lutz. The Property sees more than 50,200 vehicles per day pass by the Property along Land O Lakes Boulevard (US Route 41). Tire Kingdom benefits from direct visibility on Land O Lakes Boulevard and is in close proximity to a Walmart Supercenter, Lowe’s, and the Village Lakes Shopping Center. Lutz is an unincorporated census-designated place (CDP) in Hillsborough County, Florida, 15 miles north of Tampa. The growing area had a population increase of approximately 15% from 2010 to 2020 and is expected to have continued growth of 3% annually over the next 5 years.
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.