Description de l'actif
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the Burger King located at 5080 West Atlantic Avenue in Delray Beach, FL (the “Property” or “Asset”). The lease is guaranteed by Burger King Corporation, the corporate parent company of Burger King. The lease currently has 7.8-years of term remaining, and the tenant has no options remaining, providing a tremendous mark to market opportunity on a $75,000 rent.
Located on a major retail corridor in Delray Beach, the Property benefits from the ease of access to both Interstate-95 and Florida’s Turnpike. The Property is an outlot to the recently redeveloped and rebranded Delray Landing shopping center, which features a brand-new Sprouts Farmers Market. The Property is also adjacent to the Delray Square Shopping Center, a highly trafficked shopping center in the region with over 1.5 million visitors annually and 9+ retailers, including a Publix Supermarket that is ranked in the 84th Percentile of all Publix stores in the nation (per Placer.ai).
The Property benefits from the 18% population growth that has occurred in the past decade within a five-mile radius. The Asset is located in west side of Delray near legacy at Sherwood Park Golf Course. The Property is within a residential and retail trade area along Atlantic Avenue and South Military Trail with direct exposure to over 90,000 vehicles per day. It is less than twenty-miles from the Palm Beach International Airport; Florida Atlantic University, an 850-acre academic campus with over 30,000 students enrolled annually.
Caractéristiques de l'actif
Points clés d'investissement
Experienced operator and parent company Restaurant Brands International (S&P: QSR)
7+ Years of lease remaining
Ground lease - no landlord responsibilities
6.7% rent bumps every 5 years of base term
Over 226,000 residents within a 5-mile radius
Strong population growth of 18.4% within a 5-mile radius
Situated along Atlantic Ave & S Military Trail which is exposed to over 90,000 VPD
Less than 20-miles from Palm Beach International Airport & Florida Atlantic University