No changes in operation are planned for Apalachicola’s Burger King restaurant, following the sale last month of the land and property to a Melbourne Beach company.

Calkain Companies, a national real estate investment brokerage firm, procured the sale of the real estate at a price of roughly $1 million, or the equivalent of $300 per square foot for the building and other improvements on the tract at the western edge for Apalachicola.

Holt Family Holdings Ltd, of Melbourne Beach acquired the property from CPGG Gold I, LLC, which was represented by Thomas Geller, business development director - Southeast of Calkain Realty Advisors.

The buyer did not acquire the local operations of the Burger King franchisee, Goldco Inc, a Dothan, Alabama-based company which operates 55 restaurants in Alabama, Florida and Georgia.

“This is a good indication that even out-of-state investors are willing to pay a premium for passive real estate investments,” said David Sobelmann, vice-president of Calkain Realty Advisors.

A passive real estate investment, such as in this case, means the new landlord owns only the real estate, with the tenant responsible for picking up the costs of taxes, maintenance and insurance.

This is typically handled through a “triple net” lease, in which the operator, such as Goldco, remains responsible for paying the costs of taxes, maintenance and insurance.

"We actually have a portfolio of Goldco real estate for sale, all in the Panhandle,” said Sobelmann. “They became very popular investments for people out of the state, because passive investments are hard to find, and in Florida, it’s a no income tax state, with is a benefit to investors.”

Sobelmann said Calkain has represented sellers in Marianna, Blountstown, Panama City, Port St. Joe, Fort Walton Beach, Tallahassee and Chipley.

The majority of these transactions come from income-producing property, he said, adding that “a lot of companies use this as a tool to take property off their books, monetize these assets and put money back into operations.

“We are seeing more and more interest in Florida from out of state investors,” Geller stated. “Even secondary markets with lower population growth are attracting savvy investors looking for more non-traditional locales to place their capital. The Southeast US is gaining more attention from both developers and investors.”

Calkain is a full service real estate brokerage firm with a national scope focusing on single tenant retail, industrial, and office net leased transactions. Additional information about the firm and its listings may be found at www.calkain.com.