9119 STATE ROUTE 14
Streetsboro, OH 44241
KFC NATIONAL OPERATOR
1031 Exchange Buyer
7.5 % Cap Rate With 8% Increases Every Five Years
Strong Franchisee Guarantee
Good Ohio Location
Brand New 20-Year NNN Lease
8 Percent Rental Increases Every Five Years
Four, Five-Year Renewal Options
128 Unit Opperator
Industry and Brand Veteran Operator
The subject investment is a KFC sale-leaseback located at 9119 State Route 14 in Streetsboro, Ohio. The property consists of roughly 3,400 square feet of building space and sits on approximately 0.70 acres of land.
This KFC will be subject to a 20-year triple net, sale-leaseback with Star Partner Enterprises One, LLC. The operator owns and operates roughly 128 locations throughout six states with 18 of those units held under Star Partner Enterprise One, LLC. The tenant will enter into a new 20-year lease at the close of escrow. The base rent will be $83,523 and will be subject to 8 percent increases every five years, including four five-year tenant renewal options.
Star Partner is one of the largest operators in the KFC system and is headed by industry/brand veterans Chellie Stewart and Tom Rose, within 25 years and 30 years in the industry, respectively. Tom and Chellie first worked together in 1992 when both were in KFC’s Mid-Atlantic Division. Both led a turnaround for 50 units in the Cincinnati-Dayton area by developing a performance management system that was instrumental in exceeding established three-year strategic plan goals in less than one year.