MIAMI—A freestanding single-tenant building occupied by an experienced Arby's franchisee has traded hands. The buyer, Intel Group, purchased the property for $1.135 million from Tobnic, a private investor who hired CBRE to market the asset for sale and negotiate the transaction.
The CBRE team of David Donnellan and Todd Weintraub represented the seller in the transaction. Donnellan and Weintraub are part of the CBRE's Private Capital Group, based in Fort Lauderdale, and focus on the disposition of shopping centers and single-tenant net-leased properties.
“In operation since 2004, this Arby's is strategically located to serve the high-growth potential residential market that includes Royal Palm Beach and Wellington,” says Donnellan, a first vice president with CBRE. The retail property is an outparcel to a 230,000-square-foot Walmart SuperCenter located at a high-traffic intersection with exceptional visibility to Belvedere Road and State Road 7 in western Palm Beach County.
The property is located at 9970 Belvedere Road in Royal Palm Beach in Palm Beach County, FL. Arby's occupies a 3,005-square-foot freestanding building on a 0.99-acre site. Weintraub, a senior associate with CBRE says, “Investors continue to exhibit extremely strong demand for single-tenant, net-leased investments, even in cases such as this where the term of lease is relatively short and where the strength of the underlying real estate becomes much more of a factor.”
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