3,720 Sq Ft.
AT A GLANCE
Seasoned franchisee operator (80+ units).
Absolute triple net leased investment.
20-year lease (11+ years) remaining on primary term, with 10% rent increases every 5 years.
Property is located in a tertiary market.
The parent company of Applebee's - Dine Equity, is ranked as one of the worst casual dining concepts.
Getting a lender comfortable with the franchisee and the brand.
Located as an out-parcel to a strong performing Walmart Supercenter, new area development.
Year-over-year unit level sale increases, absolute NNN leased investment - passive investment.
Worked with a preferred mortgage broker that understood the real estate, tenant, financials and was able to keep the lender.
Generated multiple competing offers.
Closed with a 1031 exchange buyer.
6.63% cap, one of the most aggressive cap rates achieeved in 2018 for an Applebee's.