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Burger King Sale-Leaseback

$ 2,484,024
Springfield, Illinois
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Address: 1201 S Dirksen Pkwy, Springfield, Illinois, United States 62703

Type: Restaurant

Cap Rate: 6.00%

Lease Type: Triple-Net (NNN)

Annual Rent: $149,041

Net Operating Income: $149,041

Lease Term Remaining: 20 Years

Rental Increases: 1.0% Annually Starting Year 11

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

Rentable Sq/Ft: 3,000 SF

Rent Sq/Ft: $49.68

Price Sq/Ft: $828

Lot Size: +/-1.41 Acres

Marcus & Millichap is pleased to present this exclusive listing for a Burger King located at 1201 S. Dirksen Pkwy in Springfield, Illinois. The subject property is currently under construction and will consist of roughly 3,000 square feet of building space on approximately a 1.41 acre parcel. 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 $149,041 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 sites positioning on S. Dirksen Pkwy offers excellent visibility and exposure to the nearly 20,700 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: JCPenney, Walgreens, Kmart, Dollar General, Shop N’ Save, Popeyes, McDonald’s, Starbucks, as well as many others. The subject property benefits from its close proximity to large academic institutions. The most notable two are the University of Illinois at Springfield and Southern Illinois University. They boast a combined enrollment exceeding 22,000 students, and each are located less than 5 miles from the subject property.

The subject investment property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, all within close proximity of this property. Major national tenants include: JCPenney, Walgreens, Kmart, Dollar General, Shop N’ Save, Popeyes, McDonald’s, Starbucks, as well as many others. There is also a number of hotels in the area such as a Best Western, Red Roof Inn, and Super 8. The subject property benefits from its close proximity to University of Illinois at Springfield and Southern Illinois University. They boast a total enrollment exceeding 22,000 students, and they are located less than 5 miles from the subject property.

The subject property is located on South Dirksen Parkway which experiences an average daily traffic count of 20,700 vehicles. South Dirksen Parkway is located near Interstate-72/55 which brings an additional 44,400 vehicles to the immediate area per day. The subject property benefits from being situated in a heavily populated area. There are more than 74,200 individuals residing within a three-mile radius and more than 104,200 individuals within a five-mile radius.

As the largest city in central Illinois, with a population of 117,000, Springfield is best known for being the home of our 16th President Abraham Lincoln and the place where President Barack Obama spent his early career in politics. Springfield is truly rich with history while maintaining a progressive and strong business environment. Springfield’s medical and health care sectors are a core industry for central Illinois. Springfield is the headquarters for the Hospital Sisters Health System (HSHS) and Memorial Health Systems and two main hospitals, St. John’s Hospital and Memorial Medical Center are currently undergoing major expansions at cost of $200 million and$140 million respectively. Located on Interstate Highways 55 and 72, Springfield is conveniently located with St. Louis to the south; Chicago to the north and Indianapolis to the east. This central location gives Springfield a reach of over 536,000 people within a 40-mile radius.

 

 

Broker of Record: Steven Weinstock – License # 471.011175

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