Stevens Point, WI – Lee & Associates, one of the largest national commercial real estate firms, has completed the $1,170,212 (4.70% Cap Rate) investment sale of a property being occupied by Cave Enterprises Operations, LLC dba Burger King. The approximately 3,248-square foot retail building, completed in early 2019 to the specifications of Burger King’s latest prototype facade, is located at 1617 Schofield Avenue in Stevens Point, Wisconsin. It opened for business in July 2019.
Burger King’s new 20-year Absolute NNN ground lease had 19 years remaining and featured 10% rent increases every ten years in the Primary Term and Option Periods.
The Burger King is shadow anchored by Trig’s Market & Deli, the major grocery store in the area. Additionally, it is located just a half-mile from the University of Wisconsin-Stevens Point campus, with an enrollment of 8,150 students and more than 400 faculty and teaching staff. The site’s strategic proximity to both helps to provide a consistent draw to the property.
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County in conjunction with Wisconsin Licensed Real Estate Broker Galway Companies represented the Seller, Division Investors II. Barr and Bennett were able to generate multiple offers, achieving 96% of the asking price, and a quick 27-day escrow.
This sale closed two weeks prior to Lee & Associates (Barr & Bennett) closing on the sale of the adjacent Taco Johns property at a 5.09% Cap Rate.
Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, specializes in the acquisition and disposition of net leased assets nationwide.
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Lee & Associates is a commercial real estate brokerage, management, and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.