Franklin Street, a full-service commercial real estate company, arranges the sale/leaseback of two Arby’s properties in the Tampa area for a combined $3 million.
Franklin Street’s Director Jonathan Graber and Investment Associate Joe Morrow, who specialize in retail properties throughout West and Central Florida, represented the seller of both Arby’s properties, a Georgia-based Arby’s franchisee. The properties were purchased as part of 1031 tax exchanges. Both deals included a brand new 20-year triple net lease signed by the seller.
In one deal, an Arby’s at 12915 Cortez Blvd. in Brooksville changed hands for $1.5 million, or about $508 per square foot. The 2,955-square-foot restaurant was built in 1994 and is set to be remodeled this year.
The second Arby’s property, located at 7125 State Road 54 in New Port Richey, sold for $1.46 million, or about $417 per square foot. The 3,500-square-foot restaurant was constructed in 1990. It underwent a complete remodeling that was completed in November 2015.
Driven by the strong historical performance of both Arby’s locations and the demand from investors for single-tenant triple-net leased properties, the combined value of the transaction ended up nearly matching the asking price.
“In today’s market, single-tenant assets are highly sought after – especially with a limited supply of such assets available for sale,” said Graber. “This allows sellers to push the envelope on what pricing they believe the market will command. The retail investment sector is particularly advantageous to both buyers and sellers, compared with other sectors that are so volatile.”
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