Lakeland, FL · Auto Dealership

ABOUT THIS TRANSACTION

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 Bridgewater's recommendation. Bridgewater 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.