NNN Pizza Hut Restaurant
201 E. Hobbs St | Roswell, NM
Sq. Feet 57,934
The subject investment is a Burger King sale-leaseback located at 450 North Gilbert Road in Gilbert, Arizona. The property consists of roughly 2,726 square feet of building space and sits on approximately 0.80 acres of land.
This Burger King will be subject to a 20-year triple-net, sale-leaseback with MCL Gilbert Road Restaurants, LLC. MCL Gilbert Road Restaurants, LLC will enter into a new 20-year lease at the close of escrow. MCL Gilbert Road Restaurants, LLC's indirect parent company, MCL Enterprises, LLC, owns and operates 28 Burger King locations throughout Arizona. The base rent will be $60,000 and will be subject to 1 percent annual rental increases starting year 11, and will include five, five-year tenant renewal options. The property was remodeled in 2008 to include a brand new dining room package, new signage, and new patio canopies as well as a painted exterior.
Every day, more than 11 million guests visit Burger King restaurants around the world. They do so because Burger King restaurants are known for serving high-quality, great-tasting, and affordable food. Founded in 1954, Burger King is the second largest fast food hamburger chain in the world.
Cap Rate: 6.19% NOI: $60,000 Livable Sq. Ft: 2,726
Built in 1988 1 Retail units Lot Sq. Ft: 0.80 Acres