Silber Investment Properties closes $2.55 million absolute NNN ground lease sale

Vero Beach, FL Silber Investment Properties announced the successful closing of an Absolute NNN ground lease located at 940 US Highway 1 leased to Chili’s Grill & Bar. The property sold for $2.55 million representing a 5.7% capitalization rate.

The buyer, FMJ Properties LLC of Binghamton, New York, was represented by Nicolas Anzalone of Silber Investment Properties’ Net Lease Division. The seller, 940 US 1, LLC, was represented by Christopher Madlon.

Situated on 1.91 acres, the 5,688 s/f Chili’s building recently underwent a 10-year lease extension, further strengthening the asset’s stability. The lease is guaranteed by Brinker International, one of the world’s leading casual dining companies with a portfolio of more than 1,600 restaurant locations.

“This transaction offered the buyer long-term security backed by a nationally recognized operator,” said Anzalone. “The extended lease term and strong corporate guarantee made this a highly attractive net lease investment.”

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