Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Burger King in Cape Coral, Florida. With new construction, this property was built in 2019. The Burger King in Cape Coral has a new 15-year, triple net ground lease and offers five, five-year renewal options. There are fixed rent increases every five years throughout the base term and option periods. (See OM for full rent schedule)
The area has strong demographics with a population over 10,000 within a one-mile radius of the subject property. This is a premier location at the signalized intersection of Veterans Parkway and Santa Barbara Boulevard, with a combined daily traffic count of more than 72,000 vehicles. This property is one half mile from Cape Coral High School which is the largest school in the area. The subject property is directly next to a brand-new Wawa Gas Station and Convenience Store, currently under construction. This is a dense retail corridor with many new and planned developments. National surrounding retailers including Lowe’s, Publix, Target, Anytime Fitness, Aspen Dental, MD Now, Verizon Wireless, Five Guys, Firehouse Subs, Dunkin Donuts, 7-Eleven, Walgreens and many more.
The tenant is Quality Dining, Inc., an experienced, multi-unit franchisee with more than 225 units throughout seven states, and over 9,000 dedicated team members. The brands that Quality Dining, Inc. owns include Burger King, Chili’s Bar & Grill, Papa Vino’s Italian Kitchen, and Spageddies Italian Kitchen.