Properties

Sonic, Homestead, FL

2425 NE 8th Street
Homestead, FL 33033

PROPERTY SOLD

Property: Investment Sales

Square Footage: 1,645

Price: $2,262,961

Cap Rate: Call

Description:

• Located between Miami and Key Largo at Florida’s Turnpike and NE 8th Street (Exit 2)
• Outparcel to the 358,000 SF Homestead Pavilion anchored by Kohl’s and Sports Authority
• 1,645 SF restaurant developed on a .79 acre pad and operated by a multi-unit franchisee
• Sonic commenced a 20 year lease in June 2011 with rent bumps every 5 years
• The all cash transaction closed escrow in September 2011 for $2,262,961
• The buyer was a large public institutional investor out of the Midwest