1225 Palm Beach Lakes Blvd - Fast Food FOR SALE


West Palm Beach, FL 33401- Roosevelt Estates
$7,180,884 USD
310-766-5205
1225 Palm Beach Lakes Blvd, West Palm Beach, FL for Sale
$7,180,884 USD
Fast Food - FOR SALE
1/14
null | 5.05% Cap Rate

1225 Palm Beach Lakes Blvd
West Palm Beach, FL 33401
Roosevelt Estates


HIGHLIGHTS

  • Three Tenant QSR Offering - Dunkin Donuts, KFC, Taco Bell
  • 20 Year NNN Ground Leases Executed in 2022 | Scheduled Increases in Primary Term and Option Periods
  • Large Franchisee Operators with 162 Unit, 230 Unit and 105 Unit Guarantees
  • West Palm Beach, FL Population of 225,994 People within a 5-Mile Radius
  • Average Household Income of $119,920 within a 5-Mile Radius
  • KFC and Taco Bell have 7.5% increases every 5 years | Dunkin Donuts has 10% increases every 5 years

OVERVIEW

The Snyder Carlton team is pleased to present for sale a three tenant QSR portfolio. The three freestanding QSR buildings are leased to Taco Bell, KFC and Dunkin Donuts. All three properties are situated on one single designated parcel. Each of the three tenants signed a 20-year NNN ground lease on each of their respective buildings in 2022. There are 7.50% increases every 5 years throughout the primary term and option periods in the KFC and Taco Bell lease, and 10% increases in the Dunkin Donuts lease. The Taco Bell Franchisee Operator is Luihn Vantedge Partners, LLC a 230 Unit Operator of Taco Bell locations. Taco Bell occupies an 1,833 SF Building and pays $129,000 in annual rent. The KFC Franchisee Operator is EM Squared, LLC a 162 Unit KFC Operator. KFC occupies an 1,833 SF Building and pays $129,000 in annual rent. The Dunkin Donuts Franchisee Operator is HZ Coffee Group, LLC which operates 105 Dunkin locations. Their parent company Dhanani Group operates 2,000+ Popeyes and Dunkin Donuts locations nationally. Dunkin Donuts currently occupies a 900 SF of Building and pays $104,500 in annual rent. Each tenant self-maintains their own parcel. The Landlord administers and initially pays the common-area expenses, including wastewater, irrigation, and lift-station bills, and is reimbursed through CAM payments from the tenants. Each tenant pays additional rent in the form of annual CAM payments of $4,250. Each tenant pays their full pro rata share of property taxes and carries their own property insurance on the buildings. Current CAM reimbursements do not fully cover the actual common-area operating expenses; therefore, the property is experiencing some CAM leakage. Please inquire with the broker for more information regarding the CAM structure, the common-area expenses being recovered, and how the leakage can be calculated into the NOI. This is a rare opportunity to purchase three freestanding QSR assets on long term NNN leases in an affluent coastal market of FL. This property offers a diversified income stream from three sizable franchisee operators with low in place ground rents. The subject property is located within immediate proximity to Downtown West Palm Beach, City Hall and Tanger Outlets Palm Beach. I-95 is located 1.5 Miles West of the subject property. Palm Beach Lakes Blvd. is a major commercial thoroughfare running through the city and is a major connectivity point.

FOR SALE DETAILS

PRICE

$7,180,884 USD

PRICE/SF

$7,979 USD /SF

CAP RATE

5.05%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

ON GROUND LEASE

Yes

BUILDING DETAILS

PROPERTY NAME

Taco Bell, KFC, & Dunkin - 3 QSR Buildings

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Fast Food

ADD'L SUBTYPES

Freestanding, Restaurant, undefined

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2023

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.61 AC

LAND SF

70,071 SF

ZONING

-

APN/PARCEL ID

74-43-43-09-07-001-0050

ASK ABOUT THIS PROPERTY

Adam FriedlanderColliersMore Info
310-766-5205

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Adam FriedlanderColliersMore Info
310-766-5205

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.