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.
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| 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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