The local office of SRS Real Estate Partners has arranged the $1.82 million sale of a leaseback portfolio comprised of three Kansas retail properties to Fundamental Income, a Phoenix-based institutional net lease platform, launched in April after raising $500 million of equity from a fund managed by Brookfield Asset Management.

The properties are drive-thru restaurant kiosks that were listed for sale separately or together as a portfolio. Fundamental Income purchased as all 3-sites fully leased and occupied by Scooter’s Coffee.

Scooter’scommitted to a new 20-year absolute triple-net (NNN) ground lease with annual rent increases. After the initial 20-year term, the lease provides three additional five-year options. The properties are located in Lansing, Leavenworth and Olathe, which are all suburbs west of Kansas City.

Sean Lieb, vice president of SRS, represented Fundamental Income on the purchase. The seller, Freedom Enterprises, is based in Leawood, Kan. and was represented by Colliers International. Freedom Enterprises is the largest franchisee of Scooter’s Coffee, operating more than 40 locations in Iowa, Kansas, Missouri and Nebraska.

“As our clients are focused on sale leasebacks, this was an attractive long-term investment opportunity that fits their business model,” said Lieb. “Scooter’s Coffee is a well-established brand in Kansas City, and I’m confident they will be a strong tenant and partner for Fundamental Income.”