VALRICO, Fla., October 14, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of a 4,395-square-foot Express Oil Change property located at 3231 Lithia Pinecrest Road, Valrico, Fla, according to Drew Isaac, senior vice president and senior director of the Net Leased Properties Group and the National Retail Group at Marcus & Millichap.
Isaac and Brian Bailey, vice president of the Net Leased Properties Group, had the exclusive listing to market the property on behalf of the seller, an in-state private investor. Isaac and Bailey also brought the buyer, an in-state LLC, in conjunction with Marcus & Millichap’s Florida Broker of Record, Ryan Nee.
The asset sold for $2,112,000. The tenant had 14 years remaining on their original 20-year absolute triple net (NNN) lease. The lease is corporately guaranteed by Express Oil Change, LLC and is backed by over 825 company-operated stores and 114 franchise store locations in twenty-six states. The 4,395-square-foot building was built in 2006 on a 0.82 acre lot and is situated just 15.5 miles from downtown Tampa.
“This Express Oil Change & Tire Engineers (EOC) property has been operating since 2006. In 2014, EOC corporate purchased the business operation from the franchise and entered into a 20-year absolute triple net (NNN) lease. The Buyer was a local real estate investor that gravitated toward the property because of the location’s strong operating history and positive sales growth year over year. The Buyer paid cash and closed in less than 40 days,” Bailey said.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.
About The Isaac Group at Marcus & Millichap
The Isaac Group is an industry leading, investment sales, capital markets, and advisory team specializing in the sale of retail properties throughout the United States. We pride ourselves on our ability to find effective solutions to accomplish our clients’ unique real estate needs. Our relationship focused approach, over 30 years of experience, and over one billion in successful