Description
For sale is a Burger King in Orange Park, Florida (Jacksonville MSA). This offering presents an investor with an opportunity to acquire a Burger King in a dense suburban market with a 20-year, NNN lease.
Lease:
20-year primary term
Two Options to renew:
-1st option five (5) years
-2nd option four (4) years
-Rent Commencement date is 12/26/2008
-Absolute NNN lease
-1.5% annual rental escalations, including the option periods
Investment:
-Burger King is a pad to a Food Lion anchored center, and enjoys a prominent signalized corner location in a densely developed retail sub-market
-Other tenants in the area include: Target, Home Depot, Best Buy, Publix, Circuit City, and several other major quick-service restaurants (detailed aerial on Page 6)
-The property is located less than 1/2 mile from Orange Park Mall, which is operated by Simon Malls and contains over 910,000 sf of retail shops and restaurants Tenants in Orange Park Mall include: Belk, JC Penney, Sears, Dick' s Sporting Goods, Dillard' s, Old Navy and AMC Movie Theater
-Burger King is also located 1.5 miles from the Interstate 295 on/off ramps, and approximately 15 miles from downtown Jacksonville Naval Air Station (NAS) Jacksonville, the third largest naval installation in the United States, is
located less than 1.5 miles from the Subject Property. NAS employs more than 23,000 active duty and civilian personnel, services thousands of retirees and dependents and results in more than $2 billion being infused into the local community.
-Approximately 133,000 people with average household incomes of $67,700 within a five mile radius