August 11, 2017 – Brian Ahrens, Bob Horvath and Todd Tremblay of Horvath & Tremblay, have successfully completed the sale of Hooters in Lakeland, Florida. Horvath & Tremblay procured the 1031 exchange buyer to close the property at a sale price of $2,950,000, a cap rate of 6.14%.
Hooters is located along S Florida Avenue at the signalized hard corner intersection of US Highway 98, Lakeland’s main commercial retail corridor. The property is strategically positioned as an out parcel to a newly renovated Walmart and is located across the street from Chipotle and Aspen Dental. Attracting shoppers to the area are additional national tenants including: Marshalls, Ross Dress for Less, Stein Mart, Hobby Lobby, Ulta, Ruby Tuesday, Payless and Advance Auto Parts. Hooters has over ten years remaining on the base term of the triple net lease with two additional five year options. Having operated at this location since 1984, Hooters has shown commitment to this site with its commitment to renovate the store in 2018. New upgrades include: a new modern, impactful exterior with LED tower, best in class bar environment, enhanced audio/visual experience, and a superior patio experience.
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.