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Burger King Sale-Leaseback

$ 2,453,223
Cincinnati, Ohio
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under contract

Address: 12056-12080 Lebanon Road , Cincinnati, Ohio, United States 45241

Type: Restaurant

Cap Rate: 6.00%

Lease Type: Triple Net (NNN)

Annual Rent: $147,193

Net Operating Income: $147,193

Lease Term Remaining: 20 Years

Rental Increases: 1.0% Annually Starting Year 11

Options: Six (6), Five (5)-Year Options

Year Built: 2019

Rentable Sq/Ft: 2,811 SF

Rent Sq/Ft: $52.36

Price Sq/Ft: $873

Lot Size: +/-0.77 Acres

Marcus & Millichap is pleased to present this exclusive listing for a Burger King located at 12056-12080 Lebanon Road in Cincinnati, Ohio. Built in 2019, the subject property will consist of roughly 2,811 square feet of building space. This investment opportunity is subject to a brand new 20-year Triple-Net (NNN) sale-leaseback with zero landlord responsibilities, the lease will commence upon the close of escrow and will be subject to six (6), five (5) year tenant renewal options. The initial annual rent will be $147,193 and is scheduled to increase by one percent (1.00%) annually starting in year 11 and continuing throughout the base term and option periods. In each option period the rent will increase by one percent (1.00%) annually in years 1 through 3 and the rent will remain flat in years 4 and 5. The property is strategically situated on approximately a 0.77-acre parcel on Lebanon Road. The sites positioning on Lebanon Road offers excellent visibility and exposure to the nearly 24,600  vehicles that travel through each day.

The subject investment property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants include: Kroger, Walgreens, CVS, Gabe’s, McDonalds, Wendy’s, Chipotle Mexican Grill, 99 Restaurant, KFC, Waffle House, White Castle, as well as many more. The subject property is located less than five miles from the Sharon Woods Golf Course, a 750-acre park with running and biking trails, 18-hole golf, picnic spots and a lake with boat rentals. Additionally, located less than a mile away from the Burger King property is I-275 which is an 83.71-mile-long loop in Ohio, Indiana, Kentucky that forms a complete beltway around the Cincinnati, Ohio area.

Carrols, LLC is Burger King’s largest franchisee and has operated BURGER KING® restaurants since 1976. As of October 5, 2018, the Company completed the acquisition of 43 additional BURGER KING® restaurants in Michigan, Virginia, West Virginia, South Carolina, Georgia and currently owns and operates 848 BURGER KING® restaurants. Carrols LLC’s direct parent company, Carrols Restaurant Group, INC. (Nasdaq: TAST), is one of the only publicly traded companies solely controlling Burger King Franchises and one of the largest restaurant companies and franchisee’s in the United States.

The subject investment property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants include: Kroger, Walgreens, CVS, Gabe’s, McDonalds, Wendy’s, Chipotle Mexican Grill, 99 Restaurant, KFC, Waffle House, White Castle, as well as many more. The subject property is located less than five miles from the Sharon Woods Golf Course. Sharon woods is a 750-acre park with running and biking trails, 18-hole golf, picnic spots and a lake with boat rentals. Located less than a mile away from the Burger King property is I-275 which is an 83.71-mile-long loop in Ohio, Indiana, Kentucky that forms a complete beltway around the Cincinnati, Ohio area.

The subject property is located in Lebanon Road, which boasts average daily traffic counts exceeding 24,500 vehicles. Lebanon Road intersects with I-275, which brings an additional 127,360 vehicles into the immediate area on average daily. There are more than 137,500 individuals residing within a five-mile radius of the subject property. The subject property is situated in an affluent suburban community with an average household income of over $104,800 within a three-mile radius.

Cincinnati is a city in the state of Ohio and is the government seat of Hamilton county. With a population of 301,301, Cincinnati is the third-largest city in Ohio and 65th in the United States. It is the fastest growing economic power in the Midwestern United States based on percentages. Cincinnati is home to three major sports teams: the Cincinnati Reds, the oldest team in Major League Baseball, the Cincinnati Bengals of the National Football League, and the FC Cincinnati United Soccer League team. The city’s largest institution of higher education, the University of Cincinnati, was founded in 1819 as a municipal college and is now ranked as one of the 50 largest in the United States. Cincinnati is home to historic architecture with many structures in the urban core having remained intact for 200 years. Cincinnati is commonly referred to as the “Paris of America,” due mainly to such ambitious architectural projects such as the Music Hall, Cincinnatian Hotel, and Shillito Department Store.

 

 

Broker of Record: Michael Glass – License # BRK.2007005898

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Glen Kunofsky

President, Founder
(212) 430-5115

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James Westerberg

Account Manager
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