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Avison Young brokers portfolio acquisition of two single-tenant retail properties occupied by KFC totaling $3.683 million19 May 2020
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the portfolio acquisition of two single-tenant restaurant properties occupied by KFC in the cities of Iberia Parish, LA and Florissant, MO, totaling $3.683 million. Both assets feature new 20-year leases with corporate guarantees from KBP Foods, Inc., the largest KFC franchisee in the U.S.
Avison Young Principals Chris Maling and David Maling, who are based in the company’s downtown Los Angeles office, represented the buyer, a private investor from Napa, CA. The seller, a private investor from Kansas City, MO, was represented by Justin Zahn of CIA Commercial Investment Advisors in Phoenix, AZ.
“Overall, the quick service restaurants sector has performed well during this COVID crisis, and therefore continues to be an attractive investment option for buyers,” said Chris Maling. “These KFC-occupied assets have been experiencing favorable sales over the past couple of months and our buyer client liked the cash flow and minimal landlord responsibilities they had to offer.”
- Iberia Parish, LA Property
Located at 1007 E. Main Street, the 2,150-square-foot (sf) asset was acquired for $1.664 million. Built in 2019, the asset has a 20-year triple net lease in place. It is well-located within a major retail corridor with a number of national brands nearby including Walmart Supercenter, Lowe’s Home Improvement, Hobby Lobby and Dollar Tree, among others.
- Florissant MO Property
Located at 2450 N. Hwy 67, the 2,751-sf property was acquired for $2.019 million. The property was remodeled in 2017 and has a new 20-year triple net lease in place. It is near a number of major retailers including Target, Michaels, Petco, Ulta Beauty and ALDI, among others.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224