KFC Bradenton, Florida

$1,983,150
Closed Single-Tenant
Property type: Single-Tenant Net Lease

The space

  • Listing Price: $1,983,150
  • Cap Rate: 4.75%
  • NOI: $94,200
  • Gross SF: 2,338
  • Guarantor: Franchisee Guarantee
  • Lease Type: Triple Net (NNN)
  • Lot Size: 0.57 AC
  • Year Built: 1988/2020
  • Lease Expiration: 10/31/2038

Description

1420 Cortez Rd W
Bradenton, Florida 34207

Investment Highlights

  • 20-Year Triple Net (NNN) Lease with More Than 17 Years Remaining on Base Term
  • Property was Remodeled in 2020 with a Brand New Interior
  • Two, Five-Year Renewal Options with Five Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • KFC’s Parent Company is Yum! Brands, Inc., the World’s Largest Restaurant Company in Terms of System Restaurants, with More Than 50,000 Locations in 150 Countries and Territories
  • KBP Foods Owns and Operates 720 Locations Including KFC, Taco Bell and Long John Silver’s Concepts
  • Outparcel to Centre Point Commons, with Retailers Including Lowe’s, Dick’s Sporting Goods, Best Buy, Rooms To Go, Office Depot, Vitamin Shoppe, Chipotle, Panera Bread, Buffalo Wild Wings and Jersey Mike’s

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a KFC in Bradenton, Florida. This KFC has a 20-year triple net (NNN) lease with more than 17 years remaining on the base term. This lease offers two, five-year tenant renewal options with five percent rent increases every five years throughout the base term and option periods. The property was renovated in 2020 and guests now enjoy a brand new interior. This location is owned and operated by KBP Foods which is the largest KFC franchisee in the country. KBP Foods has 720 quick service restaurant locations, including KFC, Taco Bell and Long John Silver’s concepts.

This KFC is an outparcel to Centre Point Commons, a major shopping center with retailers including Lowe’s, Dick’s Sporting Goods, Best Buy, Rooms To Go, Office Depot, Vitamin Shoppe, Chipotle, Panera Bread, Buffalo Wild Wings and Jersey Mike’s. Other surrounding national retailers in the area include The Home Depot, Burlington, Bed Bath & Beyond, Ross, Party City, Dollar General, Pep Boys, Pet Supermarket, Walgreens, Olive Garden, Carrabba’s, Waffle House, Version, Wawa and many more.

The property is located on Cortez Road with more than 55,000 vehicles per day – and at the signalized intersection of Cortez Road and 14th Street, which is a combined daily traffic count of approximately 99,500 vehicles.

The subject property is two and a half miles from the State College of Florida at the Manatee-Sarasota campus, which has more than 11,400 students across three campuses. KFC is also three miles from Manatee Memorial Hospital, and Manatee Technical College with more than 1,100 students. This KFC is part of the Sarasota-Bradenton metro area which welcomes an average of four million visitors every year, making tourism a major part of the local economy. The Sarasota-Bradenton International Airport serves the North Port-Sarasota-Bradenton metro area and is less than six miles from KFC in Bradenton.

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