February 5, 2019 – SRS Real Estate Partners’ National Net Lease Group and National Franchise Sales have announced they have completed the $20.85 million portfolio sale of nine Burger King restaurants in the states of Louisiana and Mississippi. The sale includes the business for all nine locations as well as the real estate for eight of the properties.
SRS’ National Net Lease Group First Vice Presidents Dale Robbins and Travis Fidel, in conjunction with National Franchise Sales’ Managing Director Michael Deegan, put together the deal between Mississippi-based Dunaway Food Service selling to Cambridge Franchise Holdings.
“This was one of the most competitive real estate bids I’ve experienced in the franchise M&A space,” said Robbins. “Dunaway Food Service isa legacy franchisee who built a portfolio with excellent fundamentals, deep roots within the community, and strong cash flow. Healthy restaurant sales translate to value in real estate, and that was the key to the pricing here. Investors crave healthy and transparent deals, resistant to online competition, with compelling history. This deal certainly had all of those variables.”
Each of the properties feature strong real estate fundamentals with the majority of them located as outparcels to or near big box retail brands along major retail thoroughfares with prime visibility increasing crossover consumer traffic.
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; in 2018, the group executed more than 300 transactions across more than 35 states nationwide, and has over $1 billion in assets currently listed for sale.