Restaurant

Checkers I-95 Palm Beach County Location

7041 N Seacrest Blvd, Lantana, FL 33462

Listing Price: $2,850,000

Cap Rate
5.21%
Tenant Name
Checkers
Years Remaining On Lease
17.80
Guarantor
Personal Guarantee
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$182.02

Investment Overview

Marcus & Millichap is pleased to offer for sale this triple net
leased, Checkers located at 7041 Seacrest Boulevard, Lantana
in Florida. Located just a short five minute drive from the Palm
Beach International Airport.
The subject property consists of a 816 square foot restaurant
with drive thru window and ample parking and is strategically
located on Hypoluxo Road, with combined daily traffic counts
in excess of 51,455 and benefits from over 253,430 full time
residences with a house hold income exceeding $70,479
annually. There are 18 years remaining on the absolute net lease
(NNN) where the landlord has no responsibilities to the property.
The offering provides three percent increases annualy.
This parcel benefits of a .67-acre parcel. There are numerous
National and Regional retailers in the immediate area including
Mobil, Race Trac, Taco Bell, Tire Kingdom, Wendys, Family Dollar,
Popeyes, Chevron, Holiday Inn and Shell among others.
Checkers Drive-In Restaurants, Inc., is one of the largest chains
of double drive-thru restaurants in the United States. The
company operates Checkers and Rallys restaurants in 28 states
and the District of Columbia. They specialize in hamburgers,
hot dogs, French fries, and milkshakes. Checkers and Rallys
had similar concepts, being almost exclusively drive-thru with
very little seating. After the merger, Rallys began redesigning
its restaurants to follow the Checkers look. Today, Checkers and
Rallys restaurants look nearly identical, the only major difference
being the name on the sign. In June 2006, the company went
private through a merger with Taxi Holdings Corp., an affiliate of
Wellspring Capital Management, a private equity firm. In 2014,
Wellspring sold Checkers to another private equity firm, Sentinel
Capital Partners.

Investment Highlights

  • I-95 Highway Location with Late Hours (Open 9AM to 4AM)
  • Absolute Triple Net Lease No Landlord Responsibility
  • Over 253,430 Residents in the Market Area
  • Average HHI Exceeding $70,479
  • 10 Minute Drive to Palm Beach International Airport
  • 18+ Year Lease with 3% Increase Annually

Exclusively Listed By

Restaurant

Checkers I-95 Palm Beach County Location

Listing Price: $2,850,000

Cap Rate
5.21%
Tenant Name
Checkers
Years Remaining On Lease
17.80
Guarantor
Personal Guarantee
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$182.02

Investment Highlights

  • I-95 Highway Location with Late Hours (Open 9AM to 4AM)
  • Absolute Triple Net Lease No Landlord Responsibility
  • Over 253,430 Residents in the Market Area
  • Average HHI Exceeding $70,479
  • 10 Minute Drive to Palm Beach International Airport
  • 18+ Year Lease with 3% Increase Annually

Investment Overview

Marcus & Millichap is pleased to offer for sale this triple net
leased, Checkers located at 7041 Seacrest Boulevard, Lantana
in Florida. Located just a short five minute drive from the Palm
Beach International Airport.
The subject property consists of a 816 square foot restaurant
with drive thru window and ample parking and is strategically
located on Hypoluxo Road, with combined daily traffic counts
in excess of 51,455 and benefits from over 253,430 full time
residences with a house hold income exceeding $70,479
annually. There are 18 years remaining on the absolute net lease
(NNN) where the landlord has no responsibilities to the property.
The offering provides three percent increases annualy.
This parcel benefits of a .67-acre parcel. There are numerous
National and Regional retailers in the immediate area including
Mobil, Race Trac, Taco Bell, Tire Kingdom, Wendys, Family Dollar,
Popeyes, Chevron, Holiday Inn and Shell among others.
Checkers Drive-In Restaurants, Inc., is one of the largest chains
of double drive-thru restaurants in the United States. The
company operates Checkers and Rallys restaurants in 28 states
and the District of Columbia. They specialize in hamburgers,
hot dogs, French fries, and milkshakes. Checkers and Rallys
had similar concepts, being almost exclusively drive-thru with
very little seating. After the merger, Rallys began redesigning
its restaurants to follow the Checkers look. Today, Checkers and
Rallys restaurants look nearly identical, the only major difference
being the name on the sign. In June 2006, the company went
private through a merger with Taxi Holdings Corp., an affiliate of
Wellspring Capital Management, a private equity firm. In 2014,
Wellspring sold Checkers to another private equity firm, Sentinel
Capital Partners.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower