JACKSONVILLE, FL—In an absolute triple-net lease deal, a Tuffy Auto Service Center in Jacksonville has changed hands. The 4,980-square-foot single-tenant retail property sold for $1.987 million.
Craig L. Thomas, a senior associate in Marcus & Millichap‘s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Indiana. Rob Keeler, an associate in Marcus & Millichap’s Orlando office, secured the buyer, a foreign national private investor.
“Tuffy Auto Service Center is an absolute triple-net asset with the tenant being responsible for all expenses including roof and structure,” Thomas says. “The lease has 15 years remaining with two five-year options. The buyer will benefit from the center’s location as an outparcel to a Publix-anchored shopping center located in the highly affluent and desirable Julington Creek Plantation submarket.”
Tuffy Auto Service Center is located at 2770 Race Track Road in Jacksonville, FL. Tuffy Associates is the corporate entity and operates more than 350 stores in the United States. This particular location was a top 10 producer in store sales in 2012.
“Because the investment opportunity is backed by a strong national company, it received national as well as international interest,” Keeler says. “Ultimately the deal closed with a foreign national buyer who orchestrated the financing with conventional lending terms.”