November 7, 2018 – Robert DiFranco and Andrew Jenkelunas of Horvath & Tremblay have successfully completed the sale of KFC in Benton Harbor, Michigan. Horvath & Tremblay procured the buyer to close the transaction at a sale price of $1,060,000, a 5.5% cap rate.
This KFC location is operated by KBP Foods, the largest KFC franchisee in the U.S., with over 611 locations in 23 states. The a new 20-year absolute triple net lease has two, 5-year renewal options and rental escalations are scheduled every 5 years throughout the base term of the lease and at the beginning of each option period. The Property is strategically positioned on a pad site to a Kohl’s anchored shopping center with additional tenants including: Michael’s, Five Below, Dollar Tree, Dunham Sports and Pier1 Imports. Adjacent to the property are tenants including: Aspen Dental, Taco Bell, PetSmart, Party City, Sally Beauty, TJ Maxx, ULTA, and Burger King. KFC has shown commitment to this location with the recent remodel to the “American Showman” prototype design in 2018.
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.