TAMPA, FL—A 3,220-square-foot Burger King with a corporately-guaranteed ground lease has traded hands. The net leased asset sold for $1.2 million in an all-cash transaction.
Jonathan Graber and Rafeal Wright of Franklin Street represented both the seller and the buyer in the deal. Forge Capital Partners, a Tampa-based commercial real estate investment company, sold the property to an investor from Central Florida. The investor plans on holding the net leased property long-term as a passive investment.
“Burger King was under construction with its new prototype during the sale process,” says Wright. “Franklin Street was able to bring a buyer with an extensive existing portfolio who was willing to close within only days of contract execution. It was a win-win for both parties.”
The Burger King is located at 2601 East Hillsborough Avenue in Tampa. Burger King Restaurants are 99% owned and operated by independent franchises, many family-owned and operated, in more than 13,000 locations and territories worldwide. The new Tampa store is scheduled to re-open with the new prototype this month.
“This sale shows that demand in the retail single-tenant market is still very high,” says Graber. “It was within the aggressive rates we have been seeing in today’s market and the new construction shows the commitment to this location which has been onsite since 1968.”