715 E. Memorial Pkwy, Phillipsburg, NJ 08865 For Sale

NNN Lease with Annual CPI Increases – This 1.11-acre property is leased to GPS Hospitality Partners II, LLC under an absolute NNN lease with zero landlord responsibilities. The primary lease term commenced in December 2014 and has approximately 14 years remaining, expiring in June 2040, with four 5-year renewal options. The site has operated as a Burger King since 1977. The 3,550-square-foot building with drive-thru was fully remodeled in October 2019 at the tenant’s sole cost and expense. The lease features highly desirable annual CPI increases, providing a built-in hedge against inflation.

Strong Intrinsic Value – The property sits along Memorial Parkway, a primary retail corridor through Phillipsburg carrying an average of 38,843 vehicles per day. The corridor has attracted significant recent development from strong national brands, underscoring both the quality of the location and the tenant’s below-market rent. Chase Bank opened in 2018 on a second-row pad directly behind the Burger King, occupying a 3,028-SF building on 0.88 acres at $57.79 PSF ($175,000 annually); the property subsequently sold as a leased investment for $4.0 million. On the pad immediately adjacent to the subject, a newly developed QuickChek opened in December 2024 on 2.33 acres that traded for $4.4 million—land a developer had acquired in 2023 for just $2.2 million ($944,000 per acre). Additional recent deliveries include Arby’s and Popeyes, both completed across the parkway in early 2024, further strengthening the retail node. Nearby, a new Popeyes is set to open at 3877 Eastgate Blvd in Easton (roughly 6 miles away) at $62.81 PSF ($125,000 annually) on 1.41 acres—well above the subject’s rate. Together, these data points demonstrate that Burger King pays meaningfully below market within a highly desirable corridor, anchoring the offering with substantial underlying land value.

Densely Populated Demographics – The Burger King is centrally positioned within a dense residential area that drives steady daily customer traffic. Approximately 71,414 residents live within a 3-mile radius at an average household income of $100,204, expanding to 112,057 residents within 5 miles at an average household income of $109,845. The site also benefits from its proximity to three schools—Phillipsburg Elementary, Phillipsburg Middle, and Phillipsburg High—all within 1.2 miles and enrolling a combined 3,018 students. These population, income, and traffic drivers reinforce the location’s position in a high-demand trade area.

Experienced QSR Franchisee – GPS Hospitality is a privately held quick-service restaurant franchisee founded in 2012 by Thomas A. Garrett, former president and CEO of Arby’s Restaurant Group. The company launched with the acquisition of 42 Burger King restaurants and has grown through additional acquisitions, new development, and multi-brand expansion. GPS currently operates more than 475 Burger King, Popeyes, and Pizza Hut locations across 13 states. The company has been recognized for its strong culture, strategic leadership, and operational excellence, with awards including QSR Magazine’s Franchisee of the Year in 2024 and Burger King’s Developer of the Year in 2023.