JLL Capital Markets announced today that it has closed the $4.4 million sale of a 3,945-square-foot single-tenant retail building ground leased to the highest-grossing fast-food chain in the world in the southwest Florida community of Fort Myers.
JLL marketed the property on behalf of the seller, North American Development Group. A private investor acquired the asset.
The tenant is the No. 1 highest-grossing fast food chain in the world, serving nearly 69 million customers daily in approximately 120 countries. The Fort Myers property is situated on 1.19 acres at 17800 Ben Hill Griffin Pkwy. within Gulf Coast Town Center, the second-largest open-air shopping center in Florida, and adjacent to Miromar Lakes Beach & Golf Club, the No. 1 residential community in the nation. The property has exposure to more than 22,500 vehicles per day along Ben Hill Griffin Parkway, and the area has four new residential projects in development or under construction, which will add thousands of new residents to the immediate area. Completed in 2006, the building is the only one within a 3.4-mile radius with a quick-service restaurant tenant featuring a double-drive through.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster and Analyst Joseph Naas.
“Capital continues to gravitate toward real estate safe havens such as this iconic tenant located in a market with leading residential and commercial growth,” Brewster said. “The Fort Myers metro was fourth in the nation for net migration over the past decade, and we expect that trend to continue.”
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 advisory, 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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full-service real estate platform with over $5 billion of assets under management. NADG has been active in the acquisition, development, redevelopment and management of over 250 shopping centers, mixed-use developments and residential communities comprising well over 35 million square feet across Canada and the United States. NADG’s team of over 250 professionals are in 11 offices across North America, six in Canada and five in the United States. The company is headquartered in Toronto, Ontario. For more information visit nadg.com.
