Marcus & Millichap Real Estate Investment Services associate Charles M. Lucenay says the Glendale, CA seller owns 54 Burger King locations throughout Texas and California. The seller has also been a Burger King franchisee for close to four decades.

"They like to own, whenever possible. In this case, they'll still own and operate the restaurants, they're just selling the land and the buildings," says Lucenay, who has the portfolio marketing assignment with Marcus & Millichap associate Edward A. Benton. Both brokers are with the company's Houston office.

Benton tells GlobeSt.com the portfolio is up for sale so the owners can tap into its equity in its first ever sale-leaseback move. "There are some concepts Burger King is going to try in Southern California, and the franchisee wants to investigate these concepts to promote some growth out there," Benton adds.

The restaurants were built in the mid-1990s, and all have 20-year, triple-net leases with base rents ranging from the mid-20s to the upper-30s per square foot. The brokers say they'll entertain one-off bids or offers for the entire portfolio and there is no deadline on call for offers.

"We see a lot of 1031 guys coming into something like this," Lucenay remarks. "They're coming from multifamily properties that are a lot more management-intense. The single-tenant transactions are often a much better option for them."

In Houston proper, the restaurants are at 3715 Little York Rd.; 6220 E. Freeway; 7802 State Hwy. 6 North and 4676 Bellfort Ave. Also included are Houston-area restaurants at 907 W. Davis St. in Conroe; 24571 FM1314 in Porter and 1525 W. Church St. in Livingston.