This Retail Property is Off-Market.

1820 Blankenbaker Parkway
Louisville, KY 40245 ·

3,583 SF · Retail For Sale

N/A

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Burger King

Price N/A Commission Split 5%
Building Size 3,583 SF Cap Rate 8%
Property Type Retail Occupancy 100%
Property Sub-type Restaurant Tenancy Single
Property Use Type Net Lease Investment with 5 years left on lease Lot Size 1.08 AC
Listing ID: 17154883 Date Created: 05/11/2011 Last Updated: 08/16/2011

Description

ERG Property Advisors is pleased to offer the exclusive listing for a NNN Burger King. The subject property is located on Blankenbaker Parkway in Louisville, Ky. The Burger King is 3,583 square feet and sits on a 1.08 acres of land with 43 free surface parking spaces. The investment is an absolute NNN deal with 5 years remaing on the lease with six - five year options. The property has an initial cap rate of 8.00% and zero landlord responsibilities. A percentage rent clause is in effect for the lease and the options.

Listed on the NASDAQ (TAST), Carrols Restaurant Group, Inc., is a Syracuse, New York-based operator of three fast-food restaurant chains. It is the United States largest Burger King franchisee, owning and operating about 330 units in a dozen states in the Northeast, Mid-Atlantic, and Midwest. Carrols also owns a pair of Hispanic restaurant brands: Pollo Tropical and Taco Cabana. The company owns and operates 70 Florida units of Pollo Tropical and has another 20 franchised units, mostly located in Puerto Rico. The Miami-based chain offers Caribbean-inspired fare, including grilled chicken marinated in tropical fruit juices, and such side dishes as fried sweet bananas, fried yucca, black beans and rice, as well as desserts,including Caribbean Crème Cake and caramel custard. Carrols owns and operates about 140 Taco Cabana restaurants in Texas, Oklahoma, and New Mexico and has franchised a handful of units. The San Antonio-based chain offers Tex-Mex and Mexican dishes.

Highlights

  • Projected growth of households within a 1 mile radius estimated at 6.32% by 2013
  • 6 Banks, 13 hotels, 18 restaurants and 4 universities are all in the immediate area
  • Guarantor Traded on NASDAQ Under "TAST" (Carrols Corporation)
  • 13 hotels along Blankenbaker Parkway with 1,089 rooms
  • 5 years left on a 20 year lease that started in 1997
  • Southeast Christian Church right down the street which has 350 employees and over 20,000 attendees each week

Research

1820 Blankenbaker Parkway, Louisville, KY 40245 (Jefferson County)

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