The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Burger King located at 313 Bretz Court in Newport, PA for $2,075,000.
The Burger King property is ideally located just off of Highway 22 (21,000+ VPD), which connects Newport to Harrisburg and State College. The property, which was built in 2019, is an outparcel to a GIANT Food Stores anchored shopping center and near other retailers including Rite Aid, McDonald’s and Tractor Supply. The average household income within five miles of the property is $72,678. Newport is part of the Harrisburg-Carlisle MSA.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a northeast based real estate company and the buyer was a local 1031 exchange investor.
The Burger King lease expires in December 2039 and features 1.5% rental escalations during the first 5 years and 2% for the remainder. Founded in 1954, Burger King is the second largest fast food hamburger chain in the world. The original Home of the Whopper, Burger King is commitment to premium ingredients, signature recipes, and family-friendly dining experiences which is what has defined their brand for more than 50 successful years.
“E-commerce resistant retailers including tenants in the QSR sector continue to be in high demand amongst investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant restaurant properties continue to garner significant interest amongst private investors and 1031 exchange buyers.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States