November 30, 2016 – Brian Ahrens, Bob Horvath and Todd Tremblay, of Horvath & Tremblay, have successfully completed the sale of the ground lease to a free standing Burger King located in Portland, Maine. Horvath & Tremblay represented the buyer and closed the property at a sale price of $1,510,000, a 5.96% cap rate.
Built in 2009, Burger King fully occupies the 2,622-square foot building located on a 0.73 acre parcel along Riverside Street. There are over 12 years remaining on the original 20-year ground lease with (4) ten year options. The property benefits from its location at the on/off ramp at exit 48 off of Interstate 95, with traffic counts in excess of 22,000 vehicles per day along Riverside Street. Burger King is located within walking distance to the Super 8 Motel, Fireside Inn & Suites and the Ramada Plaza. Located across the street is Westbrook Crossing, a Kohl’s and Shaw’s Supermarket anchored retail center. Additional national tenants in the area include: Dunkin’ Donuts, Ruby Tuesday, SuperCuts, Panera Bread, Pizza Hut, Payless, Chipotle Mexican Grill, Goodwill, and Denny’s.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.