|Building Size:||4,020± SF|
|Lot Size:||.36± Acres|
|Years Remaining on Lease:||9± Years|
|Options:||4 x 5 Year|
|Net Lease Investment:||Absolute NNN Ground Lease|
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.
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.
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.
|2009 Demographics||1 Mile||3 Mile||5Mile|
|Avg Household Income||$71,167||$95,743||$99,276|