
Tenant: Burger King
Premises: 3490 SF
Renewal Options: 4 x 5
Lease Expiration: 11/29/2026
Lease Type: NNN
Rental Increases: 5% Every 5 Years
- Single Tenant NNN Investment
- 11+ Years Remaining on Long-Term Lease
- Four 5-Year Options to Extend
- 5% Increases Every 5 Years, Next Increase in February 2017
- 33,000 Vehicles Per Day Along Arendell Street
- Operated by Carrols Corporation (650+ units), the Largest Franchisee of the BURGER KING® Restaurant Chain
Burger King, is a 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 donut chain Tim Hortons.
At the end of fiscal year 2013, Burger King reported it had over 13,000 outlets in 79 countries; of these, 66 percent are in the United States and 99 percent are privately owned and operated with its new owners moving to an 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.