KLNB, the multi-service commercial real estate brokerage firm, announced Peter Snell, founding partner of KLNB’s Single Tenant Net Lease Group, has been selected as the exclusive agent to lead the disposition of a Single Tenant Restaurant Portfolio with locations in Virginia, Texas and Florida. The portfolio is being offered for a purchase price of $21,528,511; representing a capitalization rate of 5.12%.
The offering consists of one triple-net leased Wendy’s (Fairfax, VA) and two triple-net leased Red Lobsters (Mesquite, TX and Melbourne, FL) in highly desired, high barrier to entry, metropolitan areas. The properties benefit from tremendous exposure, as they are each strategically located along heavily trafficked corridors.
“This is a rare opportunity to acquire a long-term portfolio of net leased properties in close proximity to metro areas,” said Snell. “Each site offers a diverse, unique opportunity with the benefit and ease of a single seller. We have seen an increase in demand for long-term net leased assets with healthy rental increases; this offering delivers just that and the potential for significant future upside.”
The leases are corporately guaranteed and each have over twenty years of primary term remaining. All leases offer multiple option periods that include attractive rental increases (10% every 5-years for Wendy’s and 2% annually for both Red Lobsters) throughout the primary term and each option thereafter. With zero landlord responsibilities, this offering is ideal for an exchange buyer. The properties are also available individually.
For more information about the Long Term Single Tenant Net Restaurant Portfolio, contact Peter Snell at (202) 420-7761 or psnell@klnb.com.
About KLNB
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region, now celebrating its 50th year in business. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management and financing services. 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com
