Inverness, FL - Tire Kingdom

Description:

• Tire Kingdom has operated at this location for 25 years and has 3.5 years remaining on their lease with 2 (5-year) options to extend
• The lease features 10% rental increases at the beginning of each option period
• In May 2023, Mavis Tire Express Services Corp. acquired 595 retail locations from TBC Corporation, comprising 392 NTB Tire & Service Centers and 203 Tire Kingdom Service Centers. This acquisition expanded Mavis’s retail footprint to approximately 2,000 locations across 28 states
• Upon renewal of the lease in ~2 years, the yield will be 6.00%+

• The asset is fronting E. Gulf to Lake Hwy, a primary retail corridor serving the city of Inverness averaging 38,500 VPD
• Surrounding retailers include Walmart Supercenter, Lowe’s, T.J. Maxx, and more
• The Walmart Supercenter just to the West ranks in the 79th percentile of all nationwide superstores via Placer.ai
• A building permit has been requested for a new 139,980-square-foot The Home Depot store at 1067 E Gulf to Lake Hwy, which is less than 3 miles East of the subject site