3951 32nd Ave S
Grand Forks, ND 58201
IHOP Restaurant · Retail Property For Sale

The subject property is a newly executed 15-year NNN IHOP Ground Lease located in Grand Forks, ND directly off Interstate 29 on 32nd Avenue South. The IHOP is an outparcel to a Lowe’s, Michaels, and Bed Bath & Beyond center in the main retail corridor of Grand Forks. Other traffic generators in the immediate area include the Columbia Mall, Walmart Supercenter, Sam’s Club, Menards, Kohl’s, Target, Gordmans, T.J.Maxx, and Hobby Lobby. In addition, the IHOP is just a few miles south from the University of North Dakota (UND). UND, founded in 1883, currently has over 15,000 students and over 200 fields of study and is the state’s largest campus on 550 acres. Currently, there are over 68,000 residents within 5 miles of the subject property with an AHI over $65,000 ($73,000+ within 1 mile). Grand Forks is the third-largest city in North Dakota and is the county seat of Grand Forks County. US News ranks North Dakota as the state offering the best quality of life and Grand Forks consistently is ranked among the most secure small cities in America. With a consistently low unemployment rate of approximately 3.0%, Grand Forks is a hub for engineering, aerospace, energy, agriculture, and healthcare. Peak Restaurant Partners, LLC just signed a new 15-year NNN Ground Lease that expires in February 2034 and contains 1.0% annual escalations and six (6), five (5) year options to extend. Peak Restaurant Partners, LLC is a 40 +/- unit franchisee that operates in California, Colorado, Idaho, Montana, North Dakota, South Dakota, Utah, and Wyoming. Peak Restaurants was acquired in 2011 by Argonne Capital Group, a closely-held private investment firm that is the largest IHOP franchisee in the US with nearly 300 restaurants. Argonne also is the 4th largest franchisee of Applebee’s with approximately 120 locations, and also the franchisor of Krystal (350 +/- units) and On the Border (150 +/- units). Overall, Argonne generates in excess of $1.6 billion in annual sales and employs over 30,000 people.