Chicago-based Baum Realty Group, LLC (Baum), one of the Midwest’s leading retail brokerage firms, is pleased to announce the sale of a single tenant net leased Chilis located in D’lberville, Mississippi, for nearly $2.5 Million. Chili’s has 11 years remaining left on the absolute NNN ground lease. Secured by a corporate guarantee from Brinker International, the sale price represents a record low cap rate for Chili’s outside of Florida.
Baum Vice Presidents Patrick Forkin and Brad Teitelbaum represented the California based seller in the transaction. They utilized the latest technology and data available to facilitate the sale, including the use of a sophisticated drone to acquire custom high definition aerial video of the Chili’s site. As a result, multiple offers were received for the property, which ultimately traded at 99% of list price. The purchaser was an all-cash buyer from out of state who purchased the property site-unseen.