A prominent piece of Bend commercial real estate on Third Street that was previously occupied by a Burger King restaurant has been sold for $2.05 million.
Kendall Development Group purchased the 0.94-acre lot located at 1091 SE Third St. from Burger King Corp., according to Compass Commercial Real Estate Services, which represented both the buyer and seller in the deal. The sale includes the 3,275 square-foot restaurant on the property.
The lot on the corner of Third Street and Reed Market Road has been idle since Burger King closed its doors in January 2019. Kendall already owns the adjacent property, which contains a pre-owned car lot and a Porsche dealership.
The fast-food space has been getting crowded in recent years, as newcomers such as Five Guys and Chipotle chip away at the customer base of older, established chains. In 2019 Burger King announced it would close around 250 low-volume restaurants. Subway, Pizza Hut and Applebee’s are also in the process of closing hundreds of restaurants.
Russel Huntamer, a principal broker and partner at Compass, said Kendall purchased the land to add onto its existing property and will use the lot for vehicle inventory. Huntamer said Kendall intends to repurpose the existing building on the property.