Address: 100 Market Drive, Emporia, Virginia, United States 23847
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $205,700
Net Operating Income: $205,700
Lease Term Remaining: 8 Years
Rental Increases: 10% Every Five Years
Options: Two (2), Five (5)-Year Options
Year Built: 1993
Rentable Sq/Ft: 4,973 SF
Rent Sq/Ft: $41.36
Price Sq/Ft: $613
Lot Size: +/- 1.33 Acres
The subject investment is a Burger King quick-service restaurant located at 100 Market Drive in Emporia, Virginia. The property sits on 1.33 acres and is comprised of approximately 4,973 square feet. The current annual rent is $205,700.
The property is subject to an absolute, triple-net (NNN) lease with no landlord responsibilities. There are over 8 years remaining on the initial term of 20 years. The lease calls for ten percent rental increases every five years.
TOMS King operates over 117 Burger King locations in Illinois, North Carolina, Pennsylvania, Ohio, and Virginia, and has been named one of the top 10 largest Burger King franchisees. The guaranteeing entity, TOMS King Virginia, LLC, operates 53 units.
Every day, more than 11 million guests visit BURGER KING® restaurants around the world. And they do so because the restaurants are known for serving high-quality, great-tasting, and affordable food. Founded in 1954, BURGER KING® is the second largest fast food hamburger chain in the world. In October 2010, Burger King Corp. was purchased by 3G Capital, a multi-billion dollar, global investment firm focused on long-term value creation, with a particular emphasis on maximizing the potential of brands and businesses.
This Burger King property is located at 100 Market Drive in Emporia, Virginia. Emporia is an independent city, and is the county seat of Greensville County, Virginia. Emporia has historically been a commercial hub in southern Virginia. The city is an ideal stop-over point for thousands of travelers on U.S. Interstate 95. Much of the local retail economy is strongly tied to the travel industry.
The subject property is well-positioned in a dense retail corridor, benefitting from its proximity to major national and local retailers. Major national retailers in the area include: Walmart, Food Lion, Rite Aid, Family Dollar, Dollar Tree, CVS Pharmacy, Verizon, Chevrolet, Domino’s Pizza, Fairfield Inn, Five Guys, Shell, Quiznos, Best Western, Holiday Inn Express, Quality Inn, Red Roof Inn, Hampton Inn and Suites, Days Inn, Rodeway inn, McDonalds, Pizza Hut, Applebee’s, Country Inn and Suites, Cracker Barrel, Advance Auto Parts, First Citizens Bank, KFC, Arby’s, as well as many others. Southern Virginia Regional Medical Center, a state-of-the-art, 80-bed, acute care medical center offering the latest healthcare technology to more than 50,000 residents in the surrounding area, is located less than one mile away.
This Burger King property is strategically positioned off of U.S. Interstate 95, directly parallel to U.S. Route 58. U.S. Interstate 95 is the main interstate highway on the east coast of the United States, running parallel to the Atlantic Ocean. The interstate has traffic counts of over 40,000 vehicles per day. There are approximately 8,074 individuals within a three-mile radius of this property and more than 9,787 within a five-mile radius.
Emporia is the southern gateway to Virginia. Just eight miles from the North Carolina line, it is the first municipality on U.S. Interstate 95 heading into Virginia. Emporia is 65 miles from the Capital City of Richmond, 180 miles from the Nation’s Capital, Washington, D.C., and strategically mid-way between the Big Apple and Disney world. The City of Emporia has been awarded an Enterprise Zone through the Department of Housing and Community Development that provides state and local investment incentives. These incentives include cash grants for real estate investments and job creation, along with local benefits for qualifying investments.
Broker of Record: Bryn Merrey License #0225215804