TAMPA, Fla., February 15, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tire Choice, a 6,000-square foot net-leased property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,145,000.
James Medefind, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by James Garner and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office.
The property is leased to Monro Muffler Brake, Inc. which operates 1,140 locations across 27 states. Monro acquired the lease in 2016 due to the 30-year successful operating history of this location. Construction of a brand-new Costco anchored shopping center was recently completed just a mile north of the subject property. In addition to Costco Wholesale, the center includes tenants such as Starbucks, PDQ, Aldi and Ford's Garage.
Tire Choice is located at 8490 Sheldon Rd in Tampa, Fla. The property is conveniently located near the intersection of Sheldon Road and Waters Avenue in the affluent suburb of Westchase. Westchase is attractive to Tampa Bay residents looking to be in close proximity to local attractions and employment centers, while still enjoying the family friendly benefits of living in the suburbs. The subject property lies just a short 15-minute drive from both Tampa International Airport and the Westshore Business District. Westshore is the largest office community in the State of Florida with over 4,000 businesses and nearly 97,000 employees.
The local demographics are ideal for The Tire Choice with a population of over 89,000 and an average household income of nearly $66,000 within a three-mile radius of the property. Sheldon Road is a busy retail artery traveled by over 28,000 vehicles per day. The subject property is shadow anchored by Fresco y Mas and is surrounded by well-known national retailers such as Dunkin' Donuts, Shell, Papa John's Pizza, Walgreens, Starbucks, and PDQ to name a few.