Tuesday, May 14, 2013

Greysteel Announces Exclusive Free-Standing Absolute Net-Leased Applebee’s Offering in Glen Allen, VA




Glen Allen, VA – One of Washington, D.C.’s leading real estate investment sales firms, Greysteel, announced today that Vice President Peter Snell, head of the Single Tenant Net Lease Investment Group, has been named exclusive advisor and agent for the freestanding Applebee’s located in Glen Allen, Virginia.

Peter Snell
The offering, which is priced at $3,227,313 (6.50% cap), is a 4,370 square foot building, built in 1990, leased to Potomac Family Dining Group, the seventh largest franchisee in the Applebee’s system with 69 units.

The 1.35 acre property is an out parcel to the Westpark Shopping Center and surrounded by numerous national retailers including Lowe’s, Kroger Pharmacy, Sam’s Club, Michaels, Dollar Tree and CVS.

Just 10 miles northwest of the heart of Richmond, Virginia, the property is ideally situated at the southwestern corner of West Broad Street and Pemberton Road. The Broad Street corridor, known for its extensive retail, hosts numerous regional and neighborhood shopping centers.

Westpark Shopping Center, Glen Allen, VA
The single tenant net lease market has been on fire of late as Greysteel’s Peter Snell explains, “we have seen an influx of investors move into the single tenant net leased arena; with a general lack of product we are seeing historically low cap rates.

“The Applebee’s offering in Glen Allen represents an opportunity to own well located premier real estate, long term absolute net leased to a leading franchisee. In today’s market these offerings are hard to come by.”

 For a complete copy of the company’s news release, please contact:

Yassi Farzaneh
Production Manager
7735 Old Georgetown Road, Suite 301
Bethesda, MD 20814
T. 202-280-2714
C. 703-973-5322
www.greysteel.com


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