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Burger King franchisee flips Broadway restaurant

Burgers aren't the only things being flipped at a Burger King on Broadway. So is the restaurant itself.

Within a three-week period last month, Syracuse-based Carrols Restaurant Group bought and sold a Burger King location at 1066 Broadway, making a profit of $357,375 in the process, according to Erie County Clerk records.

That's more than 45,000 Whopper meals, with fries and a soda.

Carrols - a publicly traded company that is one of the nation's largest restaurant operators and the largest Burger King franchisee with 807 restaurants in 17 states - acquired the 3,000-square-foot location on Jan. 9 from TLT&J Enterprises, a New York City-based entity affiliated with Ted Chen and the Chen Foundation. Carrols paid $989,000.

Less than three weeks later, Carrols sold it to an affiliate of San Diego-based Realty Income Corp., for $1.35 million.

Built in 1976 on 0.675 acres, the restaurant is located in the Broadway-Fillmore neighborhood, just up the street from the Broadway Market. It's assessed at $315,000.

Founded in 1969, Realty Income is a publicly traded property investment and management company that focuses on buying freestanding, one-tenant properties with long-term leases. It targets retail properties in service or discount businesses and industrial distribution properties leased to Fortune 1000 companies.

The company owns 5,062 properties in 49 states and Puerto Rico, valued at $14.6 billion, with 251 commercial tenants representing 47 industries.

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