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120 W Memorial Blvd
Lakeland, FL

Sale Price:


Property Size:

861 SF

Year Built:


Lot Size:

0.63 AC

Property Type:

Auto Dealership


Bridgewater Commercial represented the seller of this property, occupied by Budget Rent A Car since 1990. The property was initially marketed with a valuation of $600,000 as a portfolio package for redevelopment with adjoining parcels as Budget was not willing to renew their lease at market rates. Budget was on a month-to-month lease and was given a 30 day notice to vacate upon Mr. Billings' recommendation. Mr. Billings thereafter was able to negotiate a new 8-year "N" lease with Budget that DOUBLED the rent and included two 5-year renewal options. This in turn increased the value of the property and resulted in a 7.1% CAP rate for the new owner.

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