Central Florida investors buy Hillsborough Avenue Burger King land

BUYER: Wengfang and Dinon Sun, Orlando
SELLER: CRP II-Tampa Festival LLC
PROPERTY: 2601 E. Hillsborough Ave., Tampa
PRICE: $1.2 million
PREVIOUS PRICE: $6.63 million, February 2009

LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, St. Petersburg

PLANS, DESCRIPTION: Wengfang and Dinon Sun of Orlando purchased 0.79 acres east of North 22nd Street from Forge Capital Partners for $1.2 million.

The sale also included a ground lease, guaranteed by Burger King Worldwide, but did not include a new 3,220-square-foot Burger King fast food restaurant building on the property.

Jonathan Graber and Rafeal Wright of Franklin Street handled the transaction.

Franklin Street reports the investors plan on holding the property long term as a passive investment.

Burger King Restaurants are 99% owned and operated by franchises. The new prototype store opened in January.

“This sale shows that demand in the retail single-tenant market is still very high,” Graber says in a press release. “It was within the aggressive rates we have been seeing in today's market and the new construction shows the commitment to this location, which has been onsite since 1968.”