Marcus & Millichap is pleased to announce the sale of this triple-net leased Tire Kingdom automotive center located in Deland, Florida. With approximately three years remaining on the corporately guaranteed lease, an investor has the opportunity to obtain an attractive cap rate for a national tenant.
The subject property is located just south of the heart of Deland on the major retail corridor of US 92, otherwise known as Woodland Boulevard. In a dense retail market with surrounding national retailers and automotive dealerships, the subject sees a substantial average daily traffic count of 41,000 vehicles.
The asset is subject to a triple-net lease with three years remaining. Annual rent increases which continue during the one remaining five-year option period are based on the Consumer Price Index (CPI), providing a hedge against inflation risk and adding to the attractiveness of this investment opportunity.