November 21, 2016 – Mark Brockwell, Bob Horvath and Todd Tremblay, of Horvath & Tremblay, have successfully completed the sale of the ground lease to a free standing Applebee’s located in Greensburg, Pennsylvania. Horvath & Tremblay represented the seller and closed the property at a sale price of $2,116,000, a 6.25% cap rate. The broker of record for the transaction was DZ Net Lease Realty, LLC.
Applebee’s signed a 20-year ground lease in July 2003 which includes (4) five year options. This Applebee’s location is operated by Apple American Group LLC, the largest Applebee’s franchise and one of the two largest franchises of any concept in the U.S. Apple America Group LLC currently own and operate over 480 Applebee’s Neighborhood Grill and Bar restaurants. The property is strategically located as an out parcel to the Westmoreland Mall, a 1,283,597-square foot, two level, enclosed shopping mall with anchor tenants including: The Bon-Ton, H&M, J.C. Penny, Macy’s, Old Navy, and Sears. Additional national tenants in the area include: Longhorn Steakhouse, Dollar Bank, the Ground Round, Wendy’s, Dunkin’ Donuts, KFC, Carmike Cinemas, Dick’s Sporting Goods, Michaels, and TJ Maxx. Applebee’s has excellent positioning and visibility along Pennsylvania Route 30, a primary retail corridor. This is a proven location for Applebee’s as they are currently expanding the seating area with the addition of a brand new outdoor patio.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.