Property Description:
Solid Investments is pleased
to present an absolute NNN Corporate IHOP - DineEquity (NYSE:
DIN) with 9± years remaining on a 20 yr lease and 8.5%
rent bumps every 5 years. Asking price is $933,851 | 6.7%
CAP. IHOP is a pad to a 77,640 SF center located across from
a Publix, Target, Kroger & BofA anchored shopping center.
Densely populated Affluent
area, 3-mile radius total population is 110,000+ with an Average
Household income over $95,000.
Location:
IHOP is located in a densely populated area of Norcross, with
a strong daytime population of over 176,342. The site is well-positioned
with good visibility on Peachtree Parkway, a main arterial
thoroughfare through the trade area with traffic counts of
46,000 vehicles per day. With average household incomes of
$95,000 within a 3-mile radius of the site, this site benefits
from the higher-end residential population nearby. The trade
area also boasts a mix of hotel and office uses and including
Hilton, Marriott, and Hampton Inn which surely benefits the
center and IHOP in particular. Immediately across Peachtree
Parkway from the site is a Publix center with tenants Target,
TJ Maxx, Office Depot, and Bank of America. Norcross is located
in Gwinnett County, GA.
About the Tenant:
DineEquity (NYSE: DIN) franchises and operates both IHOP and
Applebee' s restaurants. Headquartered in Glendale, California,
the company was founded originally as International House
of Pancakes (IHOP) and changed its corporate identity after
it acquired Applebee's.
On July 16, 2007, IHOP Corp. stated its desire
to acquire the bar-and-grill chain Applebee's International,
Inc. in an all-cash transaction, valued at approximately US$2.1
billion. IHOP stated it would franchise most of Applebee's
500 company-owned facilities. Applebee's had 1,943 restaurants
worldwide at the time, including those operated by franchisees.
As part of the purchase, a brand re-marketing scheme and revitalization
of the Applebee's image was intended. The takeover successfully
closed on November 29, 2007, and the corporate entity IHOP
changed its name to DineEquity on May 28, 2008.
- Corporate IHOP Ground
Lease- DineEquity (NYSE: DIN)
- Low Price Point - Only
$933,851
- Affluent Location - Average HH
income over $95,000 within 3-Mile Radius
- Densely Populated - Daytime Population
is over 110,000 People within 3-Mile Radius
- Across from Publix, Target
& BofA anchored shopping center
- Absolute NNN Ground Lease - Zero Landlord
Obligations
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