Wednesday, January 11, 2017

Marcus & Millichap Brokers $1.6 Million Sale of 1,500-SF Avis Budget Car & Truck Rental Absolute-Net (NNN) in Cape Canaveral, FL

Ronnie Issenberg
CAPE CANAVERAL, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, 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.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/Regional Manager
(786) 522-7000

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