Building Description
Executive Summary
The Snyder Carlton team is pleased to present for sale a three tenant QSR portfolio. The three freestanding QSR buildings are leased to Taco Bell, KFC and Dunkin Donuts. All three properties are situated on one single designated parcel. Each of the three tenants signed a 20-year NNN ground lease on each of their respective buildings in 2022. There are 7.50% increases every 5 years throughout the primary term and option periods in the KFC and Taco Bell lease, and 10% increases in the Dunkin Donuts lease.
The Taco Bell Franchisee Operator is Luihn Vantedge Partners, LLC a 230 Unit Operator of Taco Bell locations. Taco Bell occupies an 1,833 SF Building and pays $129,000 in annual rent. The KFC Franchisee Operator is EM Squared, LLC a 162 Unit KFC Operator. KFC occupies an 1,833 SF Building and pays $129,000 in annual rent. The Dunkin Donuts Franchisee Operator is HZ Coffee Group, LLC which operates 105 Dunkin locations. Their parent company Dhanani Group operates 2,000+ Popeyes and Dunkin Donuts locations nationally. Dunkin Donuts currently occupies a 900 SF of Building and pays $104,500 in annual rent.
Each tenant self-maintains their own parcel. The Landlord administers and initially pays the common-area expenses, including wastewater, irrigation, and lift-station bills, and is reimbursed through CAM payments from the tenants. Each tenant pays additional rent in the form of annual CAM payments of $4,250. Each tenant pays their full pro rata share of property taxes and carries their own property insurance on the buildings. Current CAM reimbursements do not fully cover the actual common-area operating expenses; therefore, the property is experiencing some CAM leakage. Please inquire with the broker for more information regarding the CAM structure, the common-area expenses being recovered, and how the leakage can be calculated into the NOI.
This is a rare opportunity to purchase three freestanding QSR assets on long term NNN leases in an affluent coastal market of FL. This property offers a diversified income stream from three sizable franchisee operators with low in place ground rents.
The subject property is located within immediate proximity to Downtown West Palm Beach, City Hall and Tanger Outlets Palm Beach. I-95 is located 1.5 Miles West of the subject property. Palm Beach Lakes Blvd. is a major commercial thoroughfare running through the city and is a major connectivity point.
Approved Uses by Zoning — Neighborhood Commercial (NC)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
gift shop / boutique, clothing / apparel store, shoe store, bookstore, florist / flower shop, jewelry store, stationery / card / party goods shop, art gallery / picture framing shop, antique / consignment shop, pharmacy / drug store (no drive-through), small grocery / neighborhood market, specialty food shop / deli / cheese shop, bakery, retail storefront, coffee shop / cafe, ice cream / frozen yogurt / juice bar, optician / eyewear shop, barber shop, hair salon / beauty salon, nail salon / manicure-pedicure, day spa / facials / waxing, massage therapy (licensed), eyelash / brow bar, dry cleaning drop-off / laundry pickup, tailor / seamstress / alterations, shoe repair / cobbler, business / professional office, real estate brokerage office, insurance agency, accounting / CPA / bookkeeping / tax prep, law office, architect / engineer / design office, travel agency, medical office / physician practice, dental office / orthodontist, chiropractor, physical therapy clinic, optometrist / eye exam clinic, bank / credit union branch (no drive-through), restaurant, sit-down (no alcohol, no drive-through)
With special approval
restaurant serving beer, wine, or liquor, bar / tavern / cocktail lounge, package liquor / wine retail (off-premises), restaurant with outdoor / sidewalk seating, restaurant with drive-through, quick-service / fast-food restaurant, brewery, distillery, or winery with taproom, coffee roasting on premises, commercial kitchen / catering, fitness studio / gym, yoga or pilates studio, spin / barre / CrossFit / functional-training gym, martial arts / jiu-jitsu / boxing gym, dance studio, music, art, or tutoring studio / instructional school, pet grooming (no boarding), veterinary clinic (no outdoor kennel), pet supply store, child day care / preschool, adult day care, place of worship / assembly, club or lodge / community meeting hall, urgent care clinic, tattoo or piercing studio, convenience store without fuel, convenience store with gasoline sales, gas station / fueling facility, auto repair / tire shop / oil change, car wash / auto detailing, vehicle sales or rental, self-storage / mini-warehouse, hotel / bed and breakfast inn, upper-floor or mixed-use residential dwellings, live/work unit, parking lot or garage, principal use, wireless communication antenna / small cell
Read the full NC zoning guide ›
