Chicago Burger King Picks Up Buyer

CHICAGO—As reported in GlobeSt.com yesterday, sellers of quick service restaurants have benefitted from the extraordinary demand in both restaurants and net lease properties that has pushed down cap rates to 6.0%. But the properties in the sector most in demand remain the corporate-owned locations and those operated by large, experienced franchisees.

For example, a high net worth individual from New York just purchased a single tenant net leased Burger King property located at 2345 S. Pulaski Rd. in Chicago for $2,385,000. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., the second largest Burger King franchisee in the US, guarantees the lease. The sale was brokered by the Boulder Group, a net leased investment firm in suburban Chicago.