August 8, 2007
land sale brings funds for 25 Dunkin' stores
Source:Sarasota - A group of Sarasota restaurateurs and investors is hoping to sell the land under five Dunkin' Donuts locations for about $11.5 million, with the hope of raising money to build 25 new stores. Marvin Kaplan, Kevin Millard and Shawn Cabral, all of Sarasota, put the properties up for sale through their firm KMS II LLC, said Kaplan and David Sobelman, vice president for Calkain Realty Advisors, which is marketing the properties in Sarasota, Port Charlotte, Punta Gorda and Wauchula.
The purchaser of the property would receive rent from the franchise owner and would see his property appreciate over time, Kaplan said. The firm hopes to build about 10 new stores in both Manatee and Sarasota, with five others in Charlotte, DeSoto and Hardee counties, said Kaplan.
"We hope to have a total of close to 43 stores in five counties in a five-year period," he said, adding that the firm now owns 18. A Dunkin' Donuts prototype store near Sarasota's Siesta Key Beach has been very successful with new menu items like chicken biscuits, flatbreads and pizzas, Kaplan said. He also noted the brand will get an extra kick from a $125 million national ad campaign that has just been launched.
In addition to the ad campaign, Dunkin' Donuts, based in Canton, Mass., is expanding its number of U.S. stores, expanding its menu offerings and giving stores a makeover, the company has said.
The Sarasota investors intend to sell the real estate beneath the five stores, together or individually, leaving the franchise businesses operating as they are, Kaplan said. The stores currently generate income of $790,000 a year, Sobelman said. If the company does expand, the new stores will all feature upgraded interiors and new products such as flatbread sandwiches, hash browns, pizzas and soft-serve ice cream, Kaplan said.
"We have the greatest coffee in the world," he noted. "We're the same great product, we're just trying to offer a little more."
Calkain has offices in the Mid-Atlantic and Southeast United States. Additional information about the firm and its listings may be found at www.calkain.com.Media Contact: David Sobelman | (813) 282.6000
