December 6, 2019 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Bob Evans in Sarasota, Florida. Horvath & Tremblay exclusively represented the 1031 exchange buyer to complete the transaction at a sale price of $3,734,740, a 5.00% cap rate.
Bob Evans is located at 5903 Brookhill Boulevard in Sarasota, Florida. The stand-alone building consists of 5,413 square feet and sits on a 1.69 acre lot. Bob Evans has 17.5 years remaining on a 20-year triple net (NNN) lease with six (6) 5-year renewal options. The lease calls for 2.0% rent increases annually throughout the base term and option periods. The property is extremely well located with outstanding visibility along Fruitville Road, one of the area’s primary retail thoroughfares. Additionally, the property benefits from average daily traffic counts in excess of 50,000 vehicles per day, and is immediately accessible from Interstate 75.
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.