JLL Capital Markets announced today that it has closed the $1.64 million sale of a 2,280-square-foot, single-tenant retail building ground leased to KFC Corporation in the suburban Orlando community of Mt. Dora, Florida.
JLL marketed the properties on behalf of the seller, SunCap Opportunity Fund, LLC. A private investor purchased the asset.
Founded in 1952, KFC Corporation is based in Louisville, Kentucky, and is one of the largest fast food chains in the world based on sales and locations. KFC, which is considered the world’s most popular chicken restaurant chain, has operated at this location since the building was constructed in 1988 and recently recommitted to this location with a new 20-year ground lease. Situated on 0.7 acres at 16800 W. New Hwy 441, the building is in Mt. Dora, a community in Lake County’s Golden Triangle area 25 miles northwest of downtown Orlando, and has frontage along US-441, which sees 51,000 vehicles per day. Renovated in 2013, this KFC is the second most visited KFC out of 19 locations within a 30-mile radius.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster and Analyst Joseph Naas.
“The secret recipe on this sale was a recent long-term renewal, strong sales and excellent real estate in a growing submarket of the Orlando MSA,” Brewster said. “Every investor should have a ‘bucket’ of capital for KFC and similar quick-service restaurants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About SunCap Opportunity Fund, LLC
SunCap Opportunity Fund, LLC invests in quality real estate in the Southeast United States focusing on assets with solid underlying fundamentals which provide both a current cash yield and income growth potential with the implementation of new management, recapitalization, and capital improvements. SunCap's management team has closed over $2 billion of acquisitions, including building a $500 million publicly traded international real estate fund from 1996 thru its disposition in 2010.
