Chick-fil-A - Mason City, IA
3200 4th St SW, Mason City, IA, 50401, US
₹193,430,000 | 475 m²
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Applebee's (the “Property”) located at 1395 Associates Dr in Dubuque, Iowa. This single tenant net lease asset is 100% occupied by Thrive Restaurant Group, who will sign a 5 year lease upon sale. The 4,738 SF building was built in 1999 and sits on 1.69 acres of land.
Thrive Restaurant Group, doing business as Applebee's, is a leading restaurant organization that operates a network of over 170 restaurants across 15 states. The company operates a number of successful brands, including Applebee’s, Carlos O’Kelly’s, and HomeGrown. Applebee's has over 1,600 locations across the U.S. and is a subsidiary of Dine Brands (NYSE: DIN), which had a market cap of approximately $712 million as of January 2023. In addition to Applebee’s, Dine Brands includes two other successful national restaurant brands, IHOP and Fuzzy’s.
The property sits along NW Arterial, the primary north-south roadway serving Western Dubuque, and benefits from highly visible signage along the roadway. The property sits on a large lot with a considerable amount of frontage on both NW Arterial and Associates Dr. Within a three-mile radius, the average household income is over $106,000 and has experienced steady growth in the past 5 years.
Please see OM for more information.
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Attributes
Asking price
₹158,382,000
Cap rate
8%
Building area net
440 m²
Land area gross
0.68 ha
Occupancy
100%
WAULT
5 years
Year built
1999
Media
Investment Highlights
SINGLE TENANT SALE LEASEBACK
• The property is occupied by a single tenant on a net lease, minimizing landlord responsibilities
• The property leasing back to existing tenant upon sale eliminates the need for up-front T.I. investment by landlord due to preexisting franchise-spec construction & interior finish
REPUTABLE OPERATOR WITH NATIONAL PRESENCE
• Thrive restaurant group is a well-known, nationally successful franchise company with a diversified portfolio over 170 restaurants
• Applebee’s, which is a subsidiary of Dine Brands (NYSE: DIN), has over 1,600 locations and a presence in 17 countries
HIGH VISIBILITY FROM ROADWAY
• The property is located adjacent to and has signage highly visible from NW Arterial, the primary north-south roadway serving Western Dubuque
• Applebee’s is located less than a quarter of a mile from Hwy 20, providing easy access to local residents and through-travelers
AFFLUENT DEMOGRAPHICS
• The surrounding area has experienced stable income and population growth over the past five years
• Within a three-mile radius, the average household income is over $106,000 and has also experienced steady growth in the past 5 years
Contact brokers
Applebee's - Dubuque, IA (0 Properties)
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Last updated
19 Jun 2024
