Orlando, FL — Two PDQ net leased restaurants in Florida just traded hands. One property is in Sarasota, FL and the other in the Saint Petersburg suburb of Pinellas Park, FL.
We expect to bring a few more PDQ locations to the market as the company expands at both the corporate and franchisee level.”
Calkain Companies director Doug Aronson, along with managing director Patrick Nutt, both out of the firm’s South Florida office represented the seller. Calkain has traded most of its PDQ’s in the mid 5% cap range with prices ranging from $2.15 million to $3.1 million, with the tenant operating on long-term, passive leases with a duration of 15 years or more.
“While PDQ is a growing name in the fast casual industry, their popularity with net lease investors appears to be heating up just as fast,” says Aronson. “The operators do a great job executing not only on the business of running a restaurant, but with their site selection and real estate criteria.”
The net lease properties sit at 5164 South Tamiami Trail in Sarasota and 4601 Park Boulevard in Pinellas Park. The sales marks Calkain’s fifth PDQ deal in the past six months.
“We expect to bring a few more PDQ locations to the market as the company expands at both the corporate and franchisee level,” says Nutt, “This is an opportunity for net lease investors to capitalize on assets that feature both good real estate and a strong tenant with a growing credit quality.”
Fast food and retail chains are performing strong in the Southeast’s net lease sector. A Walmart Neighborhood Market in Columbus, GA recently traded hands. The sale price: $2.39 million.
An investment team from Westside Ironworks, one of the largest landowners in the area, sold a Chick-fil-A site in West Midtown earlier this year. The retail sale closed for the highest price per square foot for a single-tenant transaction in Atlanta history, according to CoStar, at nearly $1,600 per square foot.
“There are very few free standing Chick-fil-A sites in Atlanta’s core urban areas,” Stein tells GlobeSt.com. “This particular site benefits from several traffic drivers, including close proximity to student and employees at Georgia Tech, West Midtown’s new residential developments and the area being a destination for Atlanta’s home and decor market. Northside Drive is also a major north/south thoroughfare that is heavily traveled.”
View full article at GlobeSt.com.