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Burger Kings Hit the Block

TAMPA, FL-A portfolio of 20 Burger King restaurants in Florida and Alabama are on the block and could fetch the owners about $28 million.

By Beverly Ford | Updated on September 19, 2006

TAMPA, FL-A portfolio of 20 Burger King restaurants–all with 20-year leases–are being put on the block in Alabama and Florida by Corporate Partners Capital Group Inc. in a sale that could fetch about $28 million for the California-based seller.

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.

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