April 1, 2011 by The Hoyt Organization
BAKERSFIELD, Calif. — April 1, 2011— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $1.2 million sale/leaseback (6.5 percent cap rate) on a 2,850-square-foot Burger King restaurant located at 7990 White Lane in Bakersfield, California. This sale is the first of a three unit Burger King sale-leaseback portfolio currently listed by Lee & Associates in Bakersfield, CA.
Ryan Barr, Ryan Bennett of Lee & Associates’ North San Diego County office, represented an undisclosed seller in the sale-leaseback transaction. Barr and Bennett specialize in the acquisition and disposition of single tenant net leased assets nationwide, in addition to shopping center investments.
The property is located as an outparcel to a grocery anchored shopping center and was sold to an undisclosed buyer who paid the full $1.2 million in cash. The buyer leased the property to a Burger King franchisee on a 20-year absolute triple net lease.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
About Net Leased Group
The Net Leased Group specializes in the acquisition and disposition of single tenant net leased (NNN) investments in addition to retail shopping center investments nationwide. The Net Leased Group provides full advisory services to high net worth individuals, developers, institutional investors, REITS, and sale-leaseback expertise to franchisees. By leveraging these highly valued relationships