Lazydays cashes in on Seffner real estate with $56M deal
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 4, 2016

Lazydays has cashed in on its Seffner real estate, selling off 130 acres in a sales-leaseback transaction.

Virginia-based Capital Automotive Real Estate Services Inc. paid $56 million for all of the recreational vehicle dealer's property, including its dealership and RV park north of Interstate 4.

Lazydays has signed a 50-year lease for the property, said Randy Lay, Lazydays chief financial officer.

"We don't believe the best use of our capital is keeping it tied up in real estate," Lay said Monday.

The company plans to use the money to open new dealerships, Lay said, though he couldn't comment on specific locations.

Expansion has been a big focus for Lazydays in recent years, as it moved into Arizona in 2011 and bought a Colorado chain of RV dealerships in 2015.

The money will also be used to expand Lazydays' inventory. Among other lines, the company recently announced an expansion into high-end horse trailers and RVs geared toward equestrians.

The deal closed Dec. 23, according to a deed filed in Hillsborough County on Dec. 30.

Paul Carr, senior managing director with Cushman & Wakefield of Florida Inc., represented Lazydays in the transaction.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.