February 26, 2024 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Tires Plus in Philadelphia, Pennsylvania. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,849,120.
Tires Plus is located at 800 Franklin Mills Circle in Philadelphia, Pennsylvania. The build to suit, single-tenant, net-leased Tires Plus contains a 5,680 square foot building on a 0.77-acre parcel. Tires Plus has been at this location since 2002 (21 years) and preemptively extended their primary lease term, demonstrating their commitment to the site and the market. Tires Plus has 5+ years remaining on their lease with three (3) 5, year renewal options. The lease features a 10% rent increase at the start of each of the renewal options. Situated in the densely populated north-end of Philadelphia, the Property is strategically located at the signalized intersection of Knights Road, Mechanicsville Road and Franklin Mills Circle, a perimeter road that runs around the Philadelphia Mills Mall. The Property is positioned across the Street from the Philadelphia Mills Mall, the area’s largest enclosed outlet and value retail shopping destination with more than 150 stores. The area is also home to countless shopping centers with national retailers and restaurants that draw significant traffic to the area. The Property enjoys convenient access to the area’s commercial and commuter corridors including Interstates 95 and 276.
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.