TAMPA, FL—Though it may seem that way at times, net leased sales aren’t all about drug stores and banks. A Midas automotive center in the Clearwater, FL—part of the Tampa Bay metro areas—has traded hands.
James Medefind, an associate in Marcus & Millichap‘s Tampa office, Kirk D. Olson and Drew A. Kristol, vice presidents investments in the firm’s Miami office, represented the Miami-based seller, a limited liability company. Armando Rodriguez, associate in the firm’s Tampa office, found the buyer, private investor from California.
The net leased asset, which is currently subleased to Charlie’s Car Care, sold for $600,000. Although the sale price isn’t overly impressive, the reasons bode well for Florida real estate.
“In this case, a California investor was looking for more attractive returns than he could receive in his home state,” says Medefind. “Florida was an attractive alternative as an income tax-free state with a high population growth.”
Built around 1960, Midas-Clearwater is located at 1519 Gulf to Bay Boulevard in Clearwater. The property is located off busy State Road 60 and is one block east of the five-point intersection where Highland Avenue, Gulf to Bay Boulevard, and Court Street meet. The location acts as the main route to Tampa and the local beaches, with a traffic count of over 48,000 per day.
“After realizing the high quality location on State Road 60 and limited downside, the buyer aggressively pursued this asset,” Medefind says. “It was truly a ‘win-win’ for everyone involved.”