Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Avis Budget Car & Truck Rental Absolute-Net (NNN), a 1,560-square foot net-leased property located in Cape Canaveral, FL. The asset sold for $1,611,000.
Avis Budget Car & Truck Rental Absolute-Net (NNN) just renewed their lease for an additional five years at 8401 Astronaut Boulevard in Cape Canaveral, FL. This is a corporate guaranteed, absolute triple-net lease with 3.5 percent annual increases. The 1.37 acres of land sit in front of State Road A1A, which experiences traffics counts of over 29,000 cars per day.
Ronnie Issenberg and Gabriel Britti, vice presidents investments, along with Pierson D. Tedeschi, associate, in Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
“The additional Five year extension on the base term lease, keeping the Option Periods intact, showed the tenant’s commitment to the real estate as an overflow rental facility for the Port Canaveral’s booming cruise industry,” says Issenberg. “The asset had multiple full price offers within the first five days of marketing, showing the Investor community’s interest in the AVIS / Budget Corporation,” adds Britti.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
