|Gross Leasable Area (GLA)||2,800 Sq.Ft.|
|Price Per Square Foot (GLA)||$786|
|Lot Size||0.75 Acres|
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.