WEST PALM BEACH, FL-In a rare deal, a free-standing McDonald’s has traded hands. The $2.6 million acquisition includes a long-term ground lease and a vacant 3,750-square-foot retail building.
CBRE represented the buyer, a local private investor doing business under the name Okeechobee 9847 LLC. The seller, Iberiabank, represented itself.
The bank had taken ownership of the land and assets through a foreclosure. Although CBRE declined to disclose the cap rate, the CBRE vice president William Strauss confirmed that the property sold at market value.
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