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.
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| 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.
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| 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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