January 19, 2017 – Bob Horvath, Todd Tremblay and Jeremy Black, of Horvath & Tremblay, have successfully completed the sale of a free standing Mavis Discount Tire in Depew, New York. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $1,186,567, a cap rate of 6.7%. The broker of record for the transaction was LLD Enterprises, LLC.
Mavis Discount Tire fully occupies the 4,500-square foot building located along Transit Road with high visibility and direct street frontage. Transit Road is a heavily traveled thoroughfare with traffic counts in excess of 27,000 vehicles per day. The property is easily accessible at exit 49 off of Interstate 90. National Tenants in the area include: Mobil, 7-Eleven, Dunkin’ Donuts, Tops Supermarket, Dollar Tree, Tim Horton’s, McDonald’s, Red Wing Shoes, Subway, Supercuts, Denny’s, and U-Haul. Mavis Discount Tire signed a new 15-year double net lease in December 2015 with (3) five year options and rental escalations scheduled throughout the base term and option periods. In one of the largest deals ever involving independent tire dealerships, Millwood-based Mavis Discount Tire acquired Somerset Tire Service Inc. (STS) of Bridgewater, N.J., creating a retail network comprising 324 retail stores in three states, nine wholesale locations and approximately 2,800 employees.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.