David Sobelman, vice president of Calkain Realty Advisors Inc., whose Tampa office is exclusively marketing the properties, tells GlobeSt.com that the restaurants would be sold either as a single portfolio for $28 million, packaged as smaller portfolios or sold individually at prices ranging from $850,000 to $2.2 million.
"There's high demand for this type of asset," says Sobelman, who began marketing the portfolio this week in a sale that he says has already drawn "a fairly good response" from a number of buyers. He says Corporate Partners Capital Group put the portfolio up for sale in order to capitalize on a market that currently has a strong demand for single tenant, long-term leased assets.
All 20 restaurants are occupied by Goldco Inc., a Burger King franchisee that in August signed 20-year leases on the properties. Goldco, which has been in business since 1980, operates 55 Burger King restaurants in Florida, Georgia and Alabama that employ 1,500 workers, some of whom has been working for the chain for more than 25 years, Sobelman says.
"They have a very strong track record of being a very well-heeled franchise," he notes, adding that all of the locations have well-established, strong sales that are above average in their markets.
The properties, all but one of which are freestanding buildings, range in size from 2,530 sf in Tallahassee, FL to 6,930 sf for a Chipley, FL location that also houses an Exxon gas station. Sobelman says the assets appeal to investors looking for high-quality real estate with long-term leases or investors in a 1031 exchange who are interested in simplifying their portfolio.
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