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Restaurant

Burger King | Carrols LLC | Recent 5-Year Extension

2250 OH-53, Fremont, OH 43420

Listing Price: $1,750,000

Cap Rate
5.57%
Tenant Name
Burger King
Years Remaining On Lease
4.9
Gross SF
3,096
Guarantor
Franchisee Guarantee
Rentable SF
3,096
Price/Gross SF
$565.25
Lease Type
Absolute Net
Rent Per Square Feet
$31.46

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Burger King located at 2250 OH-53 in Fremont, Ohio. The subject property is a single-tenant fast food restaurant building located at the signalized intersection of OH-53 and Sean Drive. The property was constructed for Burger King in 2000 and they have occupied the building since that time. Burger King recently exercised a five-year renewal option to extend their lease through May 2027; there are three remaining five-year renewal options. The lease has an absolute net expense basis with no landlord responsibilities whatsoever. There are rent increases during the remaining term and during the option periods. The franchisee is Carrols LLC, a wholly-owned subsidiary of Carrols Restaurant Group, Inc. Carrols is one of the largest restaurant franchisees in North America. It is the largest Burger King franchisee in the United States, currently operating 1,026 Burger King restaurants in 23 states. Additionally, they have a development agreement with Burger King Corporation to open 50 new restaurants by 2024 and acquire up to 500 existing franchised locations. Carrols has operated Burger King restaurants since 1976. Burger King is located in a regional retail node along OH-53 north of Fremont, Ohio. This highway connects the city center with The Ohio Turnpike (I-80/I-90) to the north and is a major highway with traffic counts of nearly 12,000 vehicles per day. The property is just north of Walmart Supercenter and Lowe's; national retail tenants in the area include ALDI, Gordman's, Harbor Freight, Dollar Tree, AutoZone, AT&T, Verizon, Aspen Dental, T-Mobile, GNC, Great Clips, GameStop, Supercuts, Chipotle, Applebee's, Taco Bell, McDonald's, Bob Evans, and Buffalo Wild Wings.

Investment Highlights

  • Fast Food Building Leased to the Largest Burger King Franchisee in the United States
  • Carrols Restaurant Group, Inc. Operates 1,026 Burger King Restaurants in 23 Sates
  • Burger King Just Exercised Their First Renewal Option, Extending the Lease for Five Years
  • Burger King Has Operated in This Location for 20+ Years
  • Absolute Net Lease with No Landlord Responsibilities
  • Rent Increases Throughout the Lease Term and Option Periods
  • Located in a Regional Retail Node Near Walmart, Lowe's, ALDI, Gordman's, Harbor Freight, Dollar Tree, AutoZone, McDonald's, Taco Bell, Chipotle, Aspen Dental, Applebee's, Verizon, T-Mobile, and AT&T
  • Corner Location at a Signalized Intersection on OH-53 with Traffic Counts of 11,876 Cars Per Day

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Restaurant

Burger King | Carrols LLC | Recent 5-Year Extension

Listing Price: $1,750,000

Cap Rate
5.57%
Tenant Name
Burger King
Years Remaining On Lease
4.9
Gross SF
3,096
Guarantor
Franchisee Guarantee
Rentable SF
3,096
Price/Gross SF
$565.25
Lease Type
Absolute Net
Rent Per Square Feet
$31.46

Investment Highlights

  • Fast Food Building Leased to the Largest Burger King Franchisee in the United States
  • Carrols Restaurant Group, Inc. Operates 1,026 Burger King Restaurants in 23 Sates
  • Burger King Just Exercised Their First Renewal Option, Extending the Lease for Five Years
  • Burger King Has Operated in This Location for 20+ Years
  • Absolute Net Lease with No Landlord Responsibilities
  • Rent Increases Throughout the Lease Term and Option Periods
  • Located in a Regional Retail Node Near Walmart, Lowe's, ALDI, Gordman's, Harbor Freight, Dollar Tree, AutoZone, McDonald's, Taco Bell, Chipotle, Aspen Dental, Applebee's, Verizon, T-Mobile, and AT&T
  • Corner Location at a Signalized Intersection on OH-53 with Traffic Counts of 11,876 Cars Per Day

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Burger King located at 2250 OH-53 in Fremont, Ohio. The subject property is a single-tenant fast food restaurant building located at the signalized intersection of OH-53 and Sean Drive. The property was constructed for Burger King in 2000 and they have occupied the building since that time. Burger King recently exercised a five-year renewal option to extend their lease through May 2027; there are three remaining five-year renewal options. The lease has an absolute net expense basis with no landlord responsibilities whatsoever. There are rent increases during the remaining term and during the option periods. The franchisee is Carrols LLC, a wholly-owned subsidiary of Carrols Restaurant Group, Inc. Carrols is one of the largest restaurant franchisees in North America. It is the largest Burger King franchisee in the United States, currently operating 1,026 Burger King restaurants in 23 states. Additionally, they have a development agreement with Burger King Corporation to open 50 new restaurants by 2024 and acquire up to 500 existing franchised locations. Carrols has operated Burger King restaurants since 1976. Burger King is located in a regional retail node along OH-53 north of Fremont, Ohio. This highway connects the city center with The Ohio Turnpike (I-80/I-90) to the north and is a major highway with traffic counts of nearly 12,000 vehicles per day. The property is just north of Walmart Supercenter and Lowe's; national retail tenants in the area include ALDI, Gordman's, Harbor Freight, Dollar Tree, AutoZone, AT&T, Verizon, Aspen Dental, T-Mobile, GNC, Great Clips, GameStop, Supercuts, Chipotle, Applebee's, Taco Bell, McDonald's, Bob Evans, and Buffalo Wild Wings.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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