January 18, 2019 – Bob Horvath, Todd Tremblay and Mark Brockwell of Horvath & Tremblay have successfully completed the sale of Applebee’s in Sarasota, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction that closed at a sale price of $5,030,000.
The free standing, 4,950-square foot building is fully occupied by Applebee’s who operates under a triple net lease with over 9 years remaining on the lease term. Additionally, Applebee’s has two five renewal options to extend the term of the lease. This Applebee’s restaurant is operated by Neighborhood Restaurant Partners (“NRP”). NRP is the 4th largest Applebee’s franchisee in the country and operates over 120 Applebee’s locations across Florida, Georgia, Alabama and Texas. The Property is prominently located at the entrance to a Floor & Décor anchored shopping center along a busy trade area at the intersection of University Parkway and Lockwood Ridge Road, two 6-lane expressways. Approximately 48,500 vehicles pass the site daily on University Parkway. Additional prominent retailers drawing people to the trade area include a Walmart Supercenter, Publix Supermarket, Detwiler’s Farm Market, Walgreens, Ace Hardware, Advance Auto Parts, Outback Steakhouse, Checkers, Smashburger, Burger King, McDonald’s and the 8-Screen Parkway Movie Theater.
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.