ERG Property Advisors Announces Burger King Closing
ERG Property Advisors Announces the sale of Corporate backed Burger King Triple Net Lease for $1,015,000.
New York, NY, August 19, 2011 --(PR.com)-- ERG Property Advisors is proud to announce the sale of a corporate-backed Burger King, located at 1820 Blankenbaker Parkway in Louisville, KY. ERG was the exclusive broker who represented the seller.
The Burger King triple net lease sold for $1,015,000, which represents a cap rate of 8.8%. The building is 3,500 square feet and is situated on a 47,045-square-foot lot.
Founded in Florida in 1954, Burger King® has grown to become an internationally recognized brand with 11,220 franchised and company operated restaurants in 60 countries worldwide. The founders’ visionary belief in the guiding principle of offering reasonably priced, quality food, served quickly, in clean surroundings, still stands today. Burger King Corporation demonstrated its innovation again in 1975 when it began to offer drive‐thru service at its restaurants, appealing to increasingly mobile and time conscious consumers.
This Burger King is operated by Carrols Restaurant Group, Inc. Listed on the NASDAQ (TAST), Carrols is a Syracuse, New York-based operator of three fast-food restaurant chains. It is the United States' largest Burger King franchisee, owning and operating about 330 units in a dozen states in the Northeast, Mid-Atlantic, and Midwest.
ERG’s Andrew Greenberg represented the seller. For more information about this property, please contact Andrew Greenberg at (646) 253-0950 or at agreenberg@ergpa.com.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles.
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The Burger King triple net lease sold for $1,015,000, which represents a cap rate of 8.8%. The building is 3,500 square feet and is situated on a 47,045-square-foot lot.
Founded in Florida in 1954, Burger King® has grown to become an internationally recognized brand with 11,220 franchised and company operated restaurants in 60 countries worldwide. The founders’ visionary belief in the guiding principle of offering reasonably priced, quality food, served quickly, in clean surroundings, still stands today. Burger King Corporation demonstrated its innovation again in 1975 when it began to offer drive‐thru service at its restaurants, appealing to increasingly mobile and time conscious consumers.
This Burger King is operated by Carrols Restaurant Group, Inc. Listed on the NASDAQ (TAST), Carrols is a Syracuse, New York-based operator of three fast-food restaurant chains. It is the United States' largest Burger King franchisee, owning and operating about 330 units in a dozen states in the Northeast, Mid-Atlantic, and Midwest.
ERG’s Andrew Greenberg represented the seller. For more information about this property, please contact Andrew Greenberg at (646) 253-0950 or at agreenberg@ergpa.com.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles.
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Contact
ERG Property Advisors
Michelle Babinsky
212 807 6640
http://www.ergpa.com
Michelle Babinsky
212 807 6640
http://www.ergpa.com
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