Freddy’s Frozen Custard & Steakburgers Sold

The Boulder Group has completed the sale of a single tenant Freddy’s Frozen Custard & Steakburgers sale leaseback property located at 1104 Pamplico Highway in Florence, SC for $2,125,000.

Zach Wright and Brandon Wright, of The Boulder Group, exclusively represented the seller in the transaction. The seller was a Southeast-based Freddy’s franchisee and the purchaser was a California-based 1031 exchange investor. This was the 4th Freddy’s Frozen Custard & Steakburgers property sold year-to-date by Zach Wright and Brandon Wright – which is more than any other brokerage company per CoStar. The two have also sold the four lowest cap rates ever recorded nationally for Freddy’s properties.

The Freddy’s Frozen Custard & Steakburgers property is positioned at the signalized intersection of Pamplico Highway and South Pine Forest Drive. The property is across the street from MUSC Health Florence Medical Center, a leading regional medical facility comprised of 396 patient beds, more than 1,500 employees, and nearly 300 physicians.

This Freddy’s Frozen Custard & Steakburgers property features a long-term lease with annual rental increases. The tenant is an experienced franchisee with seven current locations and a development agreement to open an additional 16 stores over the next six years. Freddy’s Frozen Custard & Steakburgers has over 530 locations and ranks in the Top 10 of the Fastest Growing Chains in the U.S.

“Freddy’s properties offer excellent real estate investment opportunities in addition to their made-to-order steakburgers and frozen custard. Most of their restaurants are well-located in dynamic retail trade areas and feature long-term triple net leases backed by strong franchisees. We continue to see substantial national investor interest in Freddy’s properties,” stated Zach Wright, Vice President.

“Western-based investors covet well-located Southeast properties and are bringing aggressive pricing to these deals,” added Brandon Wright, Associate.

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