Taco Bell | Venice

Taco Bell | Venice

Taco Bell | Venice
430 US Highway 41 Bypass
Venice, FL 34285

$2,200,000

Cap Rate 6.14%
Gross Leasable Area (GLA) 2,800 Sq.Ft.
Price Per Square Foot (GLA) $786
Year Built 2008
Lot Size 0.75 Acres
  • Eight Years Remaining on the Absolute-Net Lease
  • Out Parcel to a Winn Dixie Anchored Shopping Center
  • 99-Unit Guarantee with Established, Long-Term Operator
  • Property Located in the "Path of Progress" on Main Retail Artery
  • No State Income Tax
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Taco Bell | Venice (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to present for sale this absolute-net leased Taco Bell located in Venice, Florida which is part of the Tampa-Sarasota MSA. The restaurant totals 2,800 square-feet and is an outparcel to a Winn Dixie anchored shopping center. There are more than eight years remaining on the original 20-year lease term with three additional five-year option periods. The lease includes eight percent increases every five years and during each option period.

This lease is guaranteed by a 99-unit franchisee – Coastal QSR, LLC. Coastal QSR has locations throughout west and central Florida and is a solely owned subsidiary of Prometheus Partners. Prometheus Partners operates more than 150 Taco Bell locations throughout the southeast.

Located on US 41 Bypass, the property is located on the main retail artery in Venice, Florida with more than 54,000 cars per day. The roadway recently underwent a $70 million widening from 4 lanes to 6 lanes. This construction will allow US 41 Bypass to accommodate additional traffic and growth in the immediate area. Retailers in the immediate vicinity include Burger King, McDonalds, Winn Dixie, TJ Maxx Home Goods, Pizza Hut and more.

The City of Venice, is located along the Gulf of Mexico and is known for its world class beaches and is a popular destination for part-time residents known as “snowbirds”. These retirees flock to cities like Venice for four to five months each year looking to escape the harsh winters in the northern United States and Canada. Venice is located in Sarasota County. Sarasota County has more than 380,000 full-time residents.

This is an excellent opportunity to acquire a strategically located passive net-leased investment that benefits from Florida’s No State Income Tax.

For More Information, Please Contact:

Jim Shiebler

Associate
(239) 340-7811
jim.shiebler@marcusmillichap.com