Net Leased KFC Property For Sale Date June 6, 2017
The Boulder Group is pleased to exclusively market for sale a single tenant net leased KFC property located in Belvidere, Illinois, within the Rockford MSA. The property is a net lease investment occupied by KFC and Long John Silver’s under a single lease. The drive-thru location is strategically located along a primary thoroughfare in a retail corridor with excellent visibility and easy access. This absolute net lease has more than nine years remaining and features a 10% rental escalation in the primary term and in each of the two 5-year renewal option periods.
The 2,640 square foot net leased KFC building features a drive-thru and is strategically located along State Street, the primary thoroughfare in the area. State Street, which turns into US-20, gives direct access to downtown Rockford. The property is located in a heavily populated area with over 29,000 people living within a three mile radius. Retailers located in the immediate trade area include ALDI, Shopko, Family Dollar, McDonald’s, O’Reilly Auto Parts, AutoZone and a number of auto dealerships.
The KFC and Long John Silver’s property has more than nine years remaining on the lease which expires December 31, 2026. This triple net lease features a 10% rental escalation in September 2021 and 10% rental escalations in each of the two 5-year renewal option periods.
KFC is the world’s most popular chicken restaurant chain and the world’s second-largest restaurant chain (as measured by sales) with more than 20,000 locations globally in 125 countries and territories. The chain is a subsidiary of Yum! Brands, Inc. Long John Silver’s is the world’s most popular quick-service seafood chain with more than a 1,000 locations in 43 states and two countries outside of the U.S. The KFC and Long John Silver’s Restaurant lease is guaranteed by Bartlett Management Services, Inc. who operates more than 40 restaurant locations in Illinois, Indiana and Wisconsin.
- Located in the Rockford MSA
- Freestanding restaurant with drive-thru
- Absolute triple net lease with zero landlord responsibilities
- More than 9 years remaining on lease with two 5-year renewal option periods
- 10% rental escalations in primary term and each renewal option period
- Located along the primary east-west thoroughfare
- Exceptional visibility and easy access
- Over 29,000 people living within three miles of the property earning average annual household incomes of approximately $64,000
- National retailers located in the immediate trade area include ALDI, Shopko, Family Dollar, McDonald’s, O’Reilly Auto Parts, AutoZone and a number of auto dealerships.