Burger King
1617 Scholfield Avenue, Stevens Point, WI 54481
Price: $1,170,212
Status: Sold
Cap Rate: 4.70%
Year Built: 2019
NOI: $55,000
Lot Size: 0.84 acres
Price Per Foot: 360
Lease Type: NNN
Remaining Term: 19 Years
GLA: 3248 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale the fee simple interest in a Burger King ground lease property located in the town of Stevens Point, WI (the “Property”). The building consists of a 3,284-square-foot retail building with double drive-thru lane and outdoor patio seating. The property was built in 2019 to the specifications of Burger King’s latest prototype facade and opened for business in July 2019.
The subject property is leased to Burger King, the second largest fast food hamburger chain in the world, and the fourth largest fast food restaurant chain overall. The chain serves over 11 million visitors every year in over 18,800 locations in 100 countries and reported revenues of $1.77 billion in 2019.
investment highlights
- GLOBAL BRAND RECOGNITION: BURGER KING • ONE OF BK’S LARGEST OPERATORS WITH 114 LOCATIONS IN 6 STATES • STRONG COMPANY FINANCIALS
- The subject property is leased to Burger King, the second largest fast food hamburger chain in the world, and the fourth largest fast food restaurant chain overall. The chain serves over 11 million visitors every year in over 18,800 locations in 100 countries and reported revenues of $1.77 billion in 2019.
- The operator, Cave Enterprises Operations, LLC, was founded in 1999 and is based out of Chicago, Illinois (see page 23). They currently operate 114 successful Burger King locations in Illinois, Indiana, Wisconsin, Minnesota, Michigan, and South Dakota. Cave Enterprises is a highly regarded franchisee in the Burger King system with a proven track record of success.
- 19 YEARS REMAINING ON ABSOLUTE NNN GROUND LEASE • 100% PASSIVE INVESTMENT WITH NO LL RESPONSIBILITIES • 2019 CONSTRUCTION • BURGER KING’S LATEST PROTOTYPE DESIGN • RENT GROWTH
- Built in 2019 to the specifications of Burger King’s latest prototype facade, the building consists of a 3,284-square-foot retail building with double drive-thru lane and outdoor patio seating.
The new Absolute NNN ground lease has 19 years remaining which means there are no Landlord responsibilities. The lease also features 10% rent increases every five years in the Primary Term and the (8) 5-year Options, providing an investor with an ideal passive investment with rent growth. - SHADOW ANCHORED BY TRIG’S GROCERY STORE • ADJACENT TO STEVENS POINT HIGH SCHOOL (1,499 STUDENTS) & SENTRY INSURANCE HEADQUARTERS
- The subject property is ideally located at the intersection of Scholfield Ave & Hwy 51 (Business 51/Division St), next to the Stevens Point High School (1,499 Students grades 10-12), Sentry Insurance headquarters, and adjacent to Trig’s Market & Deli, the major grocery store in the area. This corridor is the main traffic corridor through Stevens Point, connecting commuters to/from Interstate 39 to the north/east and WI State Route 54 to the south. This allows for quick access to nearby Plover six miles to the south and Oshkosh 71 miles to the east. This location offers excellent visibility and signage to nearly 15,000 cars per day and provides for easy in/out access via the drive thru.
- LOCATED JUST HALF MILE FROM UW-STEVENS POINT CAMPUS (8,150+ STUDENTS) • TOP PUBLIC MIDWESTERN UNIVERSITY IN THE COUNTRY (U.S. NEWS & WORLD REPORT)
- The Burger King is located just a half mile from the University of Wisconsin-Stevens Point (“UWSP”) campus, with an enrollment of 8,150 students and more than 400 faculty and teaching staff. UWSP has consistently been named one of the Top Public Midwestern Universities in the U.S. News and World Report, was named to the 2018 Princeton Review Green College Honor Roll, and has completed more research doctorates in the last 10 years than any other UW regional university.
- LOCATED IN STEVENS POINT • HEART OF CENTRAL WISCONSIN • DOWNTOWN POPULAR WITH COLLEGE STUDENTS • HEADQUARTERS TO DELTA DENTAL, SENTRY INSURANCE, AIG, AND ASSOCIATED BANK
- The subject property is located in Stevens Point, WI, which is the county seat of Portage County, in the heart of Central
Wisconsin. Stevens Point is the largest city in the county with an estimated population of 26,717.
Several companies have corporate headquarters in the city, including Delta Dental of Wisconsin, Berkshire Hathaway Travel Protection, Sentry Insurance, AIG, and Skyward, a software company specializing in K-12 school and municipality management, which employs 400 workers at its 182,000-square-foot facility in Stevens Point. Additionally, Associated Bank and Donaldson Company operate regional headquarters in Stevens Point. Other major employers include Canadian National Railway, Donaldson Company, Hershner’s, Lands’ End, Ascension St. Michael’s Hospital, Roundy’s Corporation, Trig’s, United Parcel Service, Verso Corporation, Whiting Paper, Copps Food Center, Aspirus Stevens Point Hospital, and Marshfield Clinic Stevens Point.
listing agents
