MIAMI—A Wendy’s and Bonefish Grill in Coral Springs have traded hands. North University Properties purchased the net leased assets from a private REIT.
The CBRE team of David Donnellan and Todd Weintraub represented the seller in the transaction. Donnellan and Weintraub are part of the CBRE’s Private Capital Group, based in Fort Lauderdale, and focus on the disposition of shopping centers and single-tenant net leased properties.
“In operation since 2004, these proven restaurant tenants are strategically located to serve the dense commercial and residential area of Coral Springs,” says Weintraub, a senior associate at CBRE. Financial terms of the deal were not disclosed.
Located at 1455 University Drive, Wendy’s is on a ground lease and occupies a 3,000-square-foot freestanding building adjacent to Bonefish Grill. Bonefish Grill, which is at 1475 North University Drive, occupies a 5,073-square-foot freestanding building. The properties are both on the major north/south retail corridor in Coral Springs, just a half-mile north of the Coral Square Mall.
“Investors continue to exhibit extremely strong demand for single-tenant, net-leased investments, even in cases such as this where the term of lease is relatively short,” says Donnellan, first vice president with CBRE. “With alternative safe investments offering exceptionally low returns, buyers find the single tenant yields to be a more attractive investment opportunity.”