2828 N Monroe StTallahassee, FL 32303
KFC
New 20-Year Absolute NNN Sale Leaseback
Overview
Land AC: 1.38
Initial Lease Term: 20 Years
Lease Term Remaining: 20 Years
Lease Type: Absolute Triple-Net
Rent Commencement Date: 10/1/2024
Expiration Date: 9/30/2044
Roof & Structure: Tenant
Rent Increases: 1.5% Annual Increases (Beginning Year 7)
Options: 4 x 5-Year
Lease Guarantor: 161-Unit Franchisee
Investment Highlights
- 20-Year absolute triple-net (NNN) of a free-standing KFC QSR in Tallahassee, FL. The lease features 1.50% annual increases beginning in year seven, four five-year options, and a strong guarantee. The Lease commenced on October 1st, 2024, and is currently set to expire on September 30th, 2044.
- The tenant is Tasty Chick’n Southeast, LLC & the guarantor is Tasty Chick’n, LLC, providing a 161-unit lease guarantor.
- Tasty Restaurant Group (“TRG”) provides management services to both the tenant and guarantor entities. TRG is one of the largest multi-brand QSR operators in the nation and 2nd largest KFC operator. TRG oversees 6 brands across 19 states, collectively operating over 400 restaurants.
- Subject property is located less than 1 mile from The Centre of Tallahassee (regional mall), the 3rd most visited shopping center within a 50-mile radius. The Centre of Tallahassee saw over 3.1M visits over the last 12 months. Tenants include AMC, Dollar Tree, Ross Dress for Less, Belk, Barnes and Nobel, and The School of Arts and Sciences at The Centre.
- Highway exit location at the intersection of FL I-10 at N Monroe St, which sees a combined 106,000+ VPD.
- There are 20+ hotels and lodges within a 1-mile radius of subject property, totaling 1,600+ rooms. There are also 68,656 households within a 5-mile radius of the subject property.
- Tallahassee is the capital city of Florida and county seat of Leon County. It is the 9th largest city in Florida with a population of roughly 202,221.
Photo Gallery
2828 N Monroe StTallahassee, FL 32303
Centre of Tallahassee Mall (1.6 Miles from Subject Property)
Sales Team
Listing provided by Revere CRE