One of the leading commercial real estate investment services firm with offices throughout the United States and Canada, Marcus & Millichap, sold a Burger King, a 1,848 square-foot net-leased property located in Minneapolis, MN, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $1,305,000.
Austin Weisenbeck, Aaron Baum and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a partnership, was secured and represented by Steve Sauter, an investment specialist in Marcus & Millichap’s Palo Alto office. Marcus & Millichap’s Minneapolis office Regional Manager, Craig Patterson, assisted in closing this transaction.
Burger King at 5358 West Broadway Avenue sold in 18 days at 102 percent of its original list price. This is an absolute triple-net lease with zero landlord responsibilities and has a franchisee guarantee from Heartland Midwest, LLC, a wholly owned subsidiary of Heartland Food Corporation, the second largest Burger King operator in the franchise system.
This property has a 20-year lease with four, five-year options. There are currently over 11-years remaining on the initial term with 1.25 percent increases in rent each year following June 2012