Avison Young’s Ronald W. Osborne, Senior Associate, inked a new long-term lease transaction valued at over $1 million with a Midas franchisee at the 5,977-square-foot free-standing auto repair facility located at 2936 N. State Road 7 in Margate.
The new lease was contingent upon a sale of business transaction for Ed’s Auto Repair, an auto service and value certified center. The purchaser / Midas franchisee currently owns two Midas locations in Palm Beach County and has plans to convert the newly-leased space in Margate into a third location, it’s first in Broward County. In addition to the lease, Osborne facilitated the sale of business and represented both the landlord (an entity related to Ed’s Auto Repair) and the new tenant (the Midas franchisee and purchaser of Ed’s Auto Repair).
“After realizing the original property they were targeting was no longer available, the franchisee was faced with the challenge of locating a property that was suitable in terms of location and space requirements to satisfy Midas standards,” said Osborne. “We solved the challenge by successfully providing a quality alternative with the opportunity for the Midas franchisee to acquire Ed’s Auto Repair, a vibrant local business that served the area for over 30 years, and lease the space Ed’s Auto Repair was already occupying. Thus, we created the perfect scenario for the business and property owner to retire and still benefit from their life-long business.”
Located between Sample Road and Royal Palm Boulevard / W. Copans Road, the property sits on State Road 7, one of South Florida’s busiest and most important corridors connecting the tri-county area for decades. The corridor provides convenient access to major thoroughfares including the Sawgrass Expressway and Florida’s Turnpike and is home to retail shops, restaurants, automotive dealerships and many other national, regional and local businesses.
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