MIAMI—The triple net action continues in South Florida as Calkain Companies brokers the sale of a ground leased McDonald's in Palm Beach County. The McDonald's has been at the 1450 West Lantana Road site since 1979.

According to Calkain, the tenant has displayed a history of activity, showing confidence in the location through lease renewals and extensive renovations. That helped the triple net specialist to drive a sales price reflective of a 4.25% cap rate despite the pending expiration of the lease in less than eight years.

Calkain vice president Michael Zimmerman and managing partner Patrick Nutt exclusively represented the seller, a local Florida investment group. The duo says the demand for net lease assets remains high, especially those with investment rated tenants, like McDonald's, which carries a Standard & Poor's A rating.