TAMPA, FL – [March 1, 2022] – Blue West Capital has completed the sale of a single tenant net leased KFC/Taco Bell property located at 4302 North Armenia Avenue in Tampa, FL for $3,041,000. The property received numerous qualified offers and sold for above the asking price. Zach Wright, of Blue West Capital, exclusively represented the seller. The seller was a Florida-based partnership and the buyer was a 1031 exchange investor based in California.
The KFC/Taco Bell property is located just south of the heavily trafficked signalized intersection of N. Armenia Avenue and W. M.L.K Jr. Boulevard which experiences traffic counts of 55,000 vehicles per day. The property is situated just east of Tampa International Airport, Raymond James Stadium, and St. Joseph’s Hospital. The surrounding area is densely populated with over 137,000 people living within three miles.
The KFC/Taco Bell is a rare dual-branded restaurant and has operated at this location since 1999. The property features a long-term absolute triple net lease that includes no landlord responsibilities and 10% rental increases every five years. The restaurant is operated by KBP Foods, the largest KFC franchisee in the U.S. with 800+ locations. KFC and Taco Bell are subsidiaries of Yum! Brands.
“Quick-service restaurants are currently amongst the most sought-after single tenant property types. Net lease investors are paying premiums for well-located properties with strong guarantees and established operating histories. This property generated substantial investor interest and ultimately sold for over 102% of the asking price,” stated Zach Wright, Director & Partner.