- Three-Property Quick Service Restaurant Portfolio – Not Available Separately
- Three, Single Tenant Buildings on 1.61-Acre Lot
- National Brand Tenants Include Taco Bell, KFC and Dunkin’ Donuts
- Brand New, 20-Year, Triple Net (NNN) Ground Leases
- New Locations, All Built and Opening in 2022
- Population is Nearly 210,000 Within Five Miles
- Located on Palm Beach Lakes Boulevard With a Daily Traffic Count of More Than 37,500 Vehicles
- 1.5 Miles from Palm Beach Outlets, a 440,000-Square-Foot Outlet Shopping Center With More Than 100 Stores Including Bed Bath & Beyond, Whole Foods Market, TJ Maxx, HomeGoods, Old Navy, Five Below, Ross, PetSmart, Gap, DSW, Too Jay’s Deli, BJ’s Restaurant & Brewhouse, First Watch and Others!
Marcus & Millichap is pleased to present the opportunity to acquire a quick service restaurant (“QSR”) portfolio which consists of three single tenant QSR properties on a large, 1.61-acre lot in West Palm Beach, FL. This portfolio is made up of brand-new Taco Bell, KFC and Dunkin’ restaurants. These properties are only available as a portfolio, not available separately.
All tenants have brand new locations – KFC is currently under construction, Taco Bell and Dunkin’ expect to start construction soon. All properties will be built and opened in 2022. Tenants have new, 20-year triple net (NNN) ground leases with four, five-year tenant renewal options. Dunkin’ has 10 percent rent increases every five years; KFC and Taco Bell leases have 7.5 percent increases every five years. Seller will consider funding the rent between closing and rent commencement for all 3 tenants. Contact listing broker for details.
The Subject Property is in West Palm Beach, the largest city in Palm Beach County with excellent demographics. The population is nearly 210,000 within five miles of the properties with an average Household income of $83,597 in three miles. The Portfolio is located on Palm Beah Lakes Boulevard with a daily traffic count of more than 37,500 vehicles, and off Australian Avenue with more than 25,500 vehicles daily.
This is a high traffic area 1.5 miles from Palm Beach Outlets, a 440,000-square-foot outlet shopping center with more than 100 stores including Bed Bath & Beyond, Whole Foods Market, TJ Maxx, HomeGoods, Old Navy, Five Below, Ross, PetSmart, Gap, DSW, Too Jay’s Deli, BJ’s Restaurant & Brewhouse, First Watch and others. The Portfolio is also less than two miles from Downtown West Palm Beach, home to the Raymond Kravis Center for the Performing Arts, Palm Beach County Convention Center, the NEW Hilton Resort Hotel, A.W. Dreyfoos School of the Arts, and more. There is also a Brightline Train Station downtown which currently runs between Miami, Fort Lauderdale and West Palm Beach and will soon connect the area to Orlando as well.