Thursday, April 21, 2016

Marcus & Millichap Arranges Sale of Applebee’s in Delray Beach, FL for $2.52 million

Applebee's Restaurant, 15058 Jog Road, Delray Beach, FL

Douglas K. Mandel
DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Applebee's, a 4,755-square foot net-leased restaurant located in Delray Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,525,000 equating to $531 per square foot.

“This Applebee’s was completely remodeled in 2015 and is operated by an experienced franchisee who represents more than 140 restaurants in the United States,” says Douglas K. Mandel, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “We immediately identified potential buyers from across the country, went to contract just two weeks after bringing the property to market and ultimately closed for list price.”

Mandel along with Barry M. Wolfe, first vice president investments and Alan Lipsky, associate, also in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Parkland, Fla. 

The buyer, a partnership from Clifton, NJ, was secured and represented by Alan Cafiero and Ben Sgambati, vice president investments in Marcus & Millichap’s New Jersey office. 

The 4,755-square foot Applebee’s is an outparcel to Atlantic Square Shopping Center and is surrounded by many national retailers including Home Depot, Dollar Tree, Bed Bath & Beyond and more.  Applebee’s is located at 15058 Jog Road.

For a complete copy of the company’s news release, please contact:
 Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

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