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- Long Term Triple-Net (NNN) Lease: At closing the tenant will execute a brand new 20-year absolute triple-net lease. The lease will have no landlord responsibilities and four, five-year tenant renewal options.
- Strong Inflation Hedge | Attractive Rental Escalations: The lease calls for 7.50 percent rental increases every five years during the base term and continuing through the four, five-year renewal option periods.
- Excellent Unit Level Economics: This Burger King is an exceptionally strong performing restaurant with sales above the national Burger King average.
- Is a 115-Unit Franchisee Guarantee: Cambridge Franchise Group (“CFG”) is one of the largest, fastest growing, and most profitable Burger King franchises in the United States. In 2014, Cambridge Franchise Group acquired Carolina Quality, LLC (“CQL”), a 22-unit Burger King franchisee, and has since grown business significantly, currently operating 115 units.
- Fully Remodeled in March 2017 to Burger King’s 20/20 Image
- Strong Brand Recognition: Burger King, the number two fast food hamburger chain, globally, has experienced more than $16 billion in annual, system-wide sales as of August 22, 2014. The concept consists of nearly 14,000 restaurants in over 100 countries and has QSR industry leading EBITDA margins. Burger King has been actively managed by 3G since 2010
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located at 2348 Lamar Avenue, Memphis, Tennessee. This location underwent a full remodel to Burger King’s 20/20 Image completed in March 2017. The property is 2,981 rentable square feet and is situated on a 1.19 acre lot. This Burger King is subject to a 20-year triple-net (NNN), sale-leaseback with Cambridge Franchise Group (“CFG”), a 115-Unit Burger King operator. The lease will commence upon close of escrow and the base annual rent will be $146,250. The lease calls for 7.50 percent rental increases every five years during the base term and continuing through the four, five-year tenant renewal options. CFG is an 115-Unit Burger King Franchisee. CFG is led by Ray Meeks, a 28-year Burger King franchisee, three time South East Franchisee of the year and former Vice Chairman of the National Franchise Association. Supporting Ray is Tim Furr and Kevin Whitton. Tim Furr is the Chief Operating Officer and has been in the Burger King system for a decade and prior to working for CFG was an above area leader overseeing 400 units for BK Corporation. Kevin Whitton is the Chief Financial Officer and was previously Director of Finance and Real Estate at Burger King Corporation.