January 25, 2019
Hanley Investment Group Real Estate Advisors has arranged the sale-leaseback of a single-tenant, triple-net Bush’s Chicken in Georgetown, TX. The sale price was $1,950,000, representing a 6.67% cap rate.
Senior associate Austin Blodgett and EVP Eric Wohl at Hanley represented the Georgetown-based seller. The buyer, a private investor from Austin, was represented by Sam Sheikh and Rob Van Swelm of Realty Austin, now with SpecTower Realty Group of Austin.
“We completed a successful sale-leaseback for a multi-unit operator and secured a local buyer that lived in the trade area,” Blodgett said. “The real challenge with this deal was that although the franchisee was a multi-unit operator, the lease was only guaranteed by a single-unit entity,” albeit one with 11 years’ success at this location.
For many buyers, this would represent “a non-starter,” said Blodgett. “But we navigated around this objection and ultimately got a local buyer comfortable with the asset.”
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