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| 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
Miami
(786) 522-7000
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