Thursday, September 5, 2013

Faris Lee Investments Completes $8.7 Million Portfolio Sale of Three Properties Occupied by Applebee’s

  



IRVINE, CA, Sept. 5, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a portfolio sale consisting of three NNN-leased, single-tenant, free-standing restaurant properties occupied by Applebee’s in the states of Maryland, West Virginia, and Virginia.  All three properties offered franchisee-guaranteed leases with 15 years remaining. 

Matt Mousavi
 Matthew Mousavi, Patrick Luther, and Nicholas Coo of Faris Lee Investments represented both the buyer and the seller in the transaction. The seller was Noble AP II, Ltd. a privately owned real estate company based in Florida, and the buyer was Store Master Funding V, LLC, a net leased REIT based in Arizona. The properties garnered the highest price per square foot for an Applebee’s-occupied restaurant portfolio to date according to CoStar.

 “Faris Lee generated multiple competing offers on all of the locations individually, as well as multiple portfolio offers,” said Mousavi. “We went very deep on the marketing of the individual properties and it was through this break-up of the portfolio that maximized offer activity and ultimately the final pricing with an experienced buyer who paid all-cash and was able to close quickly which was important to seller.”

Patrick Luther
 Faris Lee had several of its offices focused on executing the sale of the portfolio. With more than $100 million in active restaurant inventory listed, there is a constant flow of buyer and broker requirements creating cross-selling synergy for the firm.
Following is information on each property:

·         12201 Winchester Road S.W. in La Vale, MD totals 5,100 square feet and is situated on 2.17 acres.  Applebee’s is located across the street from the 600,000-square-foot Country Club Mall with tenants that include Wal-Mart Supercenter, Sears, JCPenny, The Bon-Ton, and AMC Theatres.

 ·         755 Foxcroft Ave. in Martinsburg, WV totals 5,002 square feet and is situated on 1.47 acres. Applebee’s benefits from a strong retail location with nearby tenants including: Wal-Mark Supercenter, JCPenny, Office Max.
  
Nicholas Coo
·         10823 Hull Street Road in Midlothian, VA totals 4,746 square feet and is situated on 1.47 acres. Applebee’s is located in a high traffic retail area as an outparcel to the 350,000-square-foot Victorian Square Shopping Center which features Ashley Furniture, Curves and Big K-Mart.
  
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments


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