Restaurant

Burger King Ground Lease w/ 19 Yrs | Carrols Corp

315 Keystone Crossing Dr, Shepherdsville, KY 40165

Listing Price: $1,613,000

Cap Rate
4.65%
Tenant Name
Burger King (Carrols Corp)
Years Remaining On Lease
18.8
Guarantor
Corporate Guarantee
Rentable SF
1,500
Lease Type
Ground Lease
Rent Per Square Feet
$50.00

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest to a build-to-suit, Burger King, leased and operated by Carrols Restaurant Group, one of the largest restaurant and franchisees in the US with over 1,000 locations. The corporately ground leased retail property is located at 315 Keystone Crossing Drive, Shepherdsville, Kentucky 40165 (the “Property”). Built in 2019, the Property comprises a +/- 1,500 SF building on an attractive +/- 0.80-acre parcel, that is strategically positioned to be visible and convenient to Interstate 69 traffic, a combined 95,760 vehicles per day as of 2018. The Property benefits from it’s visibility, accessibility, and convenient retail location in a strong commercial area near residential communities, an area surrounded by over 11,050 households within five miles. The population in 2020 was 29,302 people with an average HH Income of $73,000 within five miles of the property and a daytime population of 27,000 people. Amazon employs an estimated 6,500 regionally, they have 3 large facilities in the adjacent park, surrounded by retailers including Lowe’s, Walmart, Kroger, Dollar General, Panera, PNC, Taco Bell, McDonald’s, Wendy’s, Starbucks, O’Reilly, AT&T, Papa John’s, UPS, Arby’s, Long John Silver’s, Waffle House, Rite Aid, Dairy Queen, Gatti’s Pizza, among many others. The building is 100 percent occupied by Burger King, a subsidiary of Restaurant Brands International with approximately 27,000 locations in more than 100 countries and US territories. The ground lease with Carrols Restaurant Group commenced 10/31/2019 and terminates 10/31/2039, subject to a 20-year lease term and 10 percent rental increases every five years, the tenant has approximately 19 years remaining, with an expiration date of 10/31/2029. The tenant additionally has ten, five-year options to extend the lease, also increasing by 10 percent at each option period.

Investment Highlights

  • Absolute NNN Ground Lease with 20 Years Base Term and Zero Landlord Responsibility Leased to Largest Burger King Operator (Carrols, LLC)
  • Surrounding Area National Retailers Include a Brand New Burger King, Fricsh's Big Boy, White Castle, Panda Express, Kroger, Lowe's, McDonald's, PNC, Starbucks, Taco Bell, Walmart, Wendy's, Among Many Others
  • E-Commerce Resistant Tenant with Drive Thru
  • Populated by 12,000 People and 1,911 Households Within a One-Mile Radius with an Average Household Income of $64,350 as of 2020
  • Property is Less Than One Mile off of Kentucky Turnpike/Interstate I-65 Exit 117 with Daily Traffic Counts of Over 95,760 Vehicles Per Day (VPD), Kentucky Route 44 with 23,000 VPD and Local Thoroughfare Adam Shepherd Parkway with 14,000 VPD
  • Nearby Bullitt Central High School Has 1,300 Students in Grades 9-12 Enrolled and 130 Faculty Members
  • Subject Property is a Ground Leased Burger King on a 0.80-Acre Lot with Drive-Thru and 19 Years Remaining on Base Lease
  • Operated by Carrols Restaurant Group, One of the Largest Restaurant and Franchisees in the United States (1000 Unit Operator)

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

Restaurant

Burger King Ground Lease w/ 19 Yrs | Carrols Corp

Listing Price: $1,613,000

Cap Rate
4.65%
Tenant Name
Burger King (Carrols Corp)
Years Remaining On Lease
18.8
Guarantor
Corporate Guarantee
Rentable SF
1,500
Lease Type
Ground Lease
Rent Per Square Feet
$50.00

Investment Highlights

  • Absolute NNN Ground Lease with 20 Years Base Term and Zero Landlord Responsibility Leased to Largest Burger King Operator (Carrols, LLC)
  • Surrounding Area National Retailers Include a Brand New Burger King, Fricsh's Big Boy, White Castle, Panda Express, Kroger, Lowe's, McDonald's, PNC, Starbucks, Taco Bell, Walmart, Wendy's, Among Many Others
  • E-Commerce Resistant Tenant with Drive Thru
  • Populated by 12,000 People and 1,911 Households Within a One-Mile Radius with an Average Household Income of $64,350 as of 2020
  • Property is Less Than One Mile off of Kentucky Turnpike/Interstate I-65 Exit 117 with Daily Traffic Counts of Over 95,760 Vehicles Per Day (VPD), Kentucky Route 44 with 23,000 VPD and Local Thoroughfare Adam Shepherd Parkway with 14,000 VPD
  • Nearby Bullitt Central High School Has 1,300 Students in Grades 9-12 Enrolled and 130 Faculty Members
  • Subject Property is a Ground Leased Burger King on a 0.80-Acre Lot with Drive-Thru and 19 Years Remaining on Base Lease
  • Operated by Carrols Restaurant Group, One of the Largest Restaurant and Franchisees in the United States (1000 Unit Operator)

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest to a build-to-suit, Burger King, leased and operated by Carrols Restaurant Group, one of the largest restaurant and franchisees in the US with over 1,000 locations. The corporately ground leased retail property is located at 315 Keystone Crossing Drive, Shepherdsville, Kentucky 40165 (the “Property”). Built in 2019, the Property comprises a +/- 1,500 SF building on an attractive +/- 0.80-acre parcel, that is strategically positioned to be visible and convenient to Interstate 69 traffic, a combined 95,760 vehicles per day as of 2018. The Property benefits from it’s visibility, accessibility, and convenient retail location in a strong commercial area near residential communities, an area surrounded by over 11,050 households within five miles. The population in 2020 was 29,302 people with an average HH Income of $73,000 within five miles of the property and a daytime population of 27,000 people. Amazon employs an estimated 6,500 regionally, they have 3 large facilities in the adjacent park, surrounded by retailers including Lowe’s, Walmart, Kroger, Dollar General, Panera, PNC, Taco Bell, McDonald’s, Wendy’s, Starbucks, O’Reilly, AT&T, Papa John’s, UPS, Arby’s, Long John Silver’s, Waffle House, Rite Aid, Dairy Queen, Gatti’s Pizza, among many others. The building is 100 percent occupied by Burger King, a subsidiary of Restaurant Brands International with approximately 27,000 locations in more than 100 countries and US territories. The ground lease with Carrols Restaurant Group commenced 10/31/2019 and terminates 10/31/2039, subject to a 20-year lease term and 10 percent rental increases every five years, the tenant has approximately 19 years remaining, with an expiration date of 10/31/2029. The tenant additionally has ten, five-year options to extend the lease, also increasing by 10 percent at each option period.

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

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