The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Applebee’s Neighborhood Grill & Bar (Applebee’s) property located at 811 S. Irby Street in Florence, SC for $2,050,000. The City of Florence is the largest city in Northeastern South Carolina and was recently named among America’s top fifty cities for business relocation and expansion by Expansion Management Magazine.
The 3,552 square foot freestanding Applebee’s sits on approximately 1.462 acres off of U.S. Route 52, a strategic highway through central South Carolina, and is in close proximity of several national and regional tenants including Autozone, Jiffy Lube, Piggly Wiggly and CVS. Applebee’s is the largest casual and family dining concept in America, both in terms of number and market share.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based investment firm.
There are over four years remaining on the Applebee’s lease which expires in December 2020. The lease features a 1.5% rental escalation.
“The market for net lease QSR properties remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Short term leases with strong real estate fundamentals allow investors to achieve higher yields.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States