Boston, MA According to Marcus & Millichap, Bob Horvath, vice president of investments, has brokered the transaction of two Taco Bell and KFC restaurants in the Northeast and a Golden Corral in Pembroke Pines, Florida.
The first Taco Bell and KFC is located at 463 Lincoln St. in Worcester, Mass.. Taco Bell and KFC signed a new 20-year triple net lease in April 2015 with four 5-year options. Rental escalations of 10% are scheduled every five years throughout the base term and option periods. Taco Bell and KFC is operated by the franchise G.F. Enterprise LLC. This property is situated in a desirable location with direct street frontage along heavily traveled Lincoln St. The sale closed at a price of $1,745,454. Horvath represented the seller, Lincoln Street Properties, LLC and procured the buyer, Bernard Berkman.
The second Taco Bell and KFC closed at a sale price of $2.325 million. This location is situated at the highly visible, signalized intersection on a heavily traveled established retail corridor that is home to more than ten major shopping centers. Horvath and Jennifer Athas exclusively represented the seller, Steamboat Realty, LLC and procured the buyer, JCH Development and Management, LLC.
Golden Corral, located in Pembroke Pines, Florida, signed a brand new 15-year absolute triple net lease with four five-year options lease at the close of escrow. Rental escalations are scheduled every five years throughout the base term and option periods. This Golden Corral location is operated by the fourth largest restaurant franchisee in the US, with nearly 400 units including: Golden Corral, Arby’s, Popeye’s, Burger King, CiCi’s, Del Taco, Denny’s and T-Mobile. The sale closed at a price of $5.9 million. Horvath represented the buyer, GC Pembroke Pines LLC. The seller was Next Restaurants, LLC. Kirk Felici is the broker of record in Florida.
With over 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, technology, and relationships with the largest pool of qualified investors.
