Northmarq Brokers 1031 Exchange of Absolute Triple Net Leased Burger King in Pennsylvania

Northmarq brokers 1031 exchange of absolute triple net leased Burger King in Pennsylvania

Matt Lipson, associate vice president in Northmarq’s Oregon office, completed the $2.4 million sale of a freestanding retail property located at 1008 East Main Street in Bradford, Pennsylvania. The property totals 2,860 sq. ft. and is leased to Carrols Restaurant Group, which owns and operates over 1,000 Burger Kings. Lipson represented the seller, a New York-based private investor. The 1031 exchange buyer was an individual located in New York.  

“This was a great deal for both buyer and seller. Pre-marketing, the tenant extended its lease 20 years due to its excellent performance at the site. The seller received a great cap rate in a challenging interest rate market and are thrilled with the lifespan of their investment,” said Lipson. “The strength of the tenant, combined with the extraordinary store performance kept the lender engaged, even as interest rates were rising 75 bps each federal reserve session.” 

Conveniently located on Bradford’s Main Street, the quick service restaurant benefits from the rapid development in the last 10 years. Neighboring tenants include a brand-new ALDI, Taco Bell, and freestanding Verizon, in addition to a shopping center with tenants such as Tractor Supply Company, Dollar Tree, Anytime Fitness, and Big Lots. The tenant operates on an absolute triple net lease guaranteed by the world’s largest Burger King franchisee.

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About Northmarq:

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.