Avison Young brokers portfolio acquisition of four, single-tenant retail properties occupied by KFC totaling $8.08 million25 Aug 2020
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $8.08 million portfolio acquisition of four, single-tenant restaurant properties occupied by KFC in the cities of Dallas, GA, Longview, TX, Moberly, MO, and Troy, MO.
Avison Young Principals Chris Maling and David Maling, who are based in the company’s downtown Los Angeles office, represented the buyer, RRJ Cambridge Partners, LLC from California. The seller, a private developer from Overland Park, KS, was represented by Justin Zahn of CIA Commercial Investment Advisors in Phoenix, AZ.
“Our buyer client is a family office that has several family members, so we advised on a strategy of selling one asset and executing a 1031 exchange into these four individual KFC properties. This was a benefit to the individuals for estate planning purposes as well as generational succession of the real estate,” said Chris Maling.
He also noted, “This trade enabled the buyer to improve its yield from a flat 5 percent to 5.75 percent with growth in the net operating income every five years. Ultimately, this was a more favorable investment decision that will act as a hedge against inflation over the long-term.”
Below is information on each property in the sold KFC portfolio:
- 1245 Merchants Drive in Dallas, GA sold for $2,165,000
- 2407 Judson in Longview, TX sold for $2.046,500
- 533 US Highway 24 in Moberly, MO sold for $1,982,500
- 198 East State Highway 47 in Troy, MO sold for $1,886,000
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224