The property asset involved in the transaction is located at 430 US 41 By-Pass, Venice, FL, within the Sarasota MSA. This retail asset encompasses a square footage of 32,757 square feet and is categorized as a ground lease. The asking rent for the property is set at $5 per square foot. The lease term spans 20 years, with options for extension.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Approximately $140,000 in annual ground rent
- Lease Term: 20 Years, plus options
- Lease Type: Ground Lease
- Landlord: Jorge Busher
- Tenant: Tim Hortons (Restaurant Brands International)
- Landlord’s Representative: Arnaldo Cantero III – C-3 Commercial Real Estate Advisory
- Annual Rent Increases: 10% every five years
- Total Contractual Base Rent Over Initial Term: More than $3.25 million
Arnaldo Cantero III, the Founder and Managing Principal of C-3 Commercial Real Estate Advisory, represented the landlord during this transaction. C-3 was engaged to reposition the property and successfully negotiated a long-term ground lease with Tim Hortons, which plans to redevelop the site into a new Tim Hortons Café, taking on the majority of redevelopment costs.
View article: https://traded.co/deals/florida/retail/lease/430-us-41-by-pass/
