Griffin GA

Property Acquired: Vacant Single Tenant Long John Silver’s w/ Drive Thru

Location

Average daily combined traffic count of 44,000 cars per day at the hard corner, signalized intersection. 22,000 people live w/in a 5-minute drive and, our demographic studies indicate that there is also a strong daytime population of over 8,500 people. The property shares the corner with both Popeyes and Wendy’s.

Deal Story

The property had been offered for sale for many months, at a substantially higher price than our analysis justified. We submitted an offer, with our analysis, but the offer was rejected by the Seller. We continued to follow the property and were aware that it had fallen out of escrow repeatedly, at the higher price point. After numerous failed escrows, the Seller agreed to our price and, we proceeded with the purchase. Upon the close of escrow, KJF Partners spent considerable dollars repairing the property to enable our leasing effort to gain traction.

Result

The result for our investors is we were able to secure a successful, multi-unit operator of a regional franchise and we successfully executed a new, 10-year NNN lease. The operator spent significant dollars upgrading the property and greatly improved our security position. The investment yields a double digit return on total costs and a substantial value increase in the stabilized property above our total project costs.