Description
This offering is for an Applebee's sale leaseback with a new 15 year absolute NNN lease with 10% increases every 5 years and at the 3 (5 year) options. Sales to rent ratio is 7.5% based on the trailing 24 months of sales and the location has been a proven performer since it has opened in 2001. Founded in 1988, the guarantor is the eight largest restaurant franchisee in the entire nation and has over 7,500 employees by operating 88 Applebee's and 7 Johnny Carino's throughout Arizona, Ohio, Kentucky, and Pennsylvania. Below are the six locations available for sale with pricing and year built (also when location was initially opened):
4625 East Grant Road Tucson, Arizona 85712 7.5% CAP $2,867,513 Year Built 2000
13756 Bell Road Surprise, Arizona 85374 7.5% CAP $3,185,172 Year Built 2001
2020 Stringtown Road Grove City, Ohio 43123 8.0% CAP $2,293,291Year Built 2001
9660 Mason-Montgomery Road Mason, Ohio 45040 8.0% CAP $2,646,400 Year Built 1997
6084 Mulhauser Road West Chester, Ohio 45069 8.0% CAP $2,331,162 Year Built 2000
121 North Plaza Drive Nicholasville, Kentucky 40356 8.0% CAP $2,308,633 Year Built 2000
The property is located on Bell Road directly off Highway 60 (40,000 cars per day) in a Wal-Mart anchored power center with freeway visibility. The power center also includes a Michael's and Pier 1 Imports with additional out parcels of IHOP, Chuy's, and Fazoli's. Directly across the street sits another power center with Target, Best Buy, Ross, and Barnes & Noble. Surprise, Arizona is in the Phoenix MSA about 30 miles to the North West of downtown, home to Arizona State University. The five mile population is 180,000 people and Surprise is a growing suburb of middle to upper class households.