Firehouse Subs-Salsas Mexican
Closed506 N Hwy 19, Palatka, FL 32177
Property type
Retail
Unit / Space count
2
Price
$2,180,000
Building size
5,100 sf
Rentable area
5,100 SF
Year built
2020
Year renovated
Occupancy
Zoning code
Lot size
1.20 Acres
Sold/status
Sold · Date unknown
Sale price
$2180000
CAP
6.16%
Property description
Franklin Street is pleased to present this newly constructed two tenant Firehouse Subs & Salsas Mexican Restaurant in Palatka, Florida. Palatka is located one hour south of Jacksonville in North Florida. Palatka serves as a retail hub for a large trade area up to 30 miles. The site is located at the center of the retail trade area in front of a Lowes Home Improvement. The property has excellent visibility from 20,300 VPD on Highway 19. This store is a new prototype of the future for Firehouse Subs, with a drive thru window to further increase their sales. The location also offers in-house catering services to accommodate occasions of all sizes. In order to secure this location over several other QSR tenants, Firehouse Subs signed a corporate lease which they have only done ~30 times out of their 1,180 locations. Salsas Mexican Restaurant is a strong regional operator of Mexican style restaurants throughout North & Central Florida. Their space includes an outdoor covered patio for service as well. Each lease is structured as full net to the landlord and offers a strong hedge against inflation with three percent annual rent bumps. The corridor is occupied by many other traffic generating retailers including: Publix, Lowes, Home Depot, CVS, Walmart, Planet Fitness, Tractor Supply, and Harbor Freight & Tools.
Property highlights
- New construction 2-tenant building on outparcel to Lowes Home Improvement
- Rare Corporate Firehouse Subs lease: Only ~30 leases nationally are guaranteed by corporate
- Strong rental increases: Both tenants have 3% annual bumps
- Salsas Mexican Restaurant is a strong operator of 17 Mexican restaurants across Central & Northeast Florida
- Located in the main retail hub for the county
- Excellent visibility along Highway 19: 20,300 VPD
- Surrounded by national retailers: Lowes, Home Depot, Publix, Bealls Outlet, Tractor Supply, Big Lots, Ollie's Bargain Outlet, Harbor Freight, among many others
- Limited competition: main retail hub for 30 miles
- Firehouse Subs' new prototype with drive thru and Salsas Cocina Mexican has an outdoor patio seating