Tenant: Burger King
Premises: 3,880 SF
Renewal Options: 4 x 5 Years
Lease Expiration: 8/31/2036
Lease Type: Absolute NNN
Rental Increases: 5% Every 5 Years
Burger King, often abbreviated as BK, is an American global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1954, its two Miami-based franchisees, David Edgerton and James McLamore, purchased the company and renamed it Burger King. Over the next half century, the company would change hands four times, with its third set of owners, a partnership of TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, taking it public in 2002. In late 2010, 3G Capital of Brazil acquired a majority stake in BK in a deal valued at US$3.26 billion. The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with partner Berkshire Hathaway, eventually merged the company with Canadian-based doughnut chain Tim Hortons under the auspices of a new Canadian-based parent company, Restaurant Brands International.
At the end of fiscal year 2015, Burger King reported it had over 15,000 outlets in 100 countries; of these, 47.5% are in the United States and 99.5% are privately owned and operated with its new owners moving to an almost entirely franchised model in 2013. BK has historically used several variations of franchising to expand its operations. The manner in which the company licenses its franchisees varies depending on the region, with some regional franchises, known as master franchises, responsible for selling franchise sub-licenses on the company’s behalf.
Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with more than $23 billion in system sales and over 19,000 restaurants in nearly 100 countries and U.S. territories. Restaurant Brands International owns two of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees and communities for over 50 years.
Restaurant Brands International Inc. is committed to growing the TIM HORTONS® and BURGER KING® brands by leveraging their respective core values, employee and franchisee relationships, and long track records of community support. The brands benefit from the global scale and shared best practices that come through common ownership under Restaurant Brands International Inc.
Flis Enterprises is a 21 unit operator based out of Little Rock, Arkansas and has been operating businesses since 1979.