Lakewood Ranch commercial property sells for $4.7M

The Mavis Tires & Brakes shop in Lakewood Ranch has sold for $4.77 million at a 5.15% cap rate.

The shop at 15209 Garnet Trail just off of State Road 70 was bought by a New Jersey investor as part of 1031 Exchange.

The seller is a Belleair Beach LLC named P&D Investments IV. Manatee County property records show it paid $4.6 million for the property in 2022.

The 8,820-square-foot shop sits on 1.38 acres and has more than 16 years left on a lease that expires in 2042, says the Nashville commercial real estate firm Matthews. That lease comes with 5% rent increases every five years.

Matthews says the seller, a repeat client it represented, put it on the market as a “part of a capital-raising strategy.” The all-cash deal closed in 21 days.

The firm’s Michael Tamir, Chad Kurz and Kevin Puder worked on the sale.