ORLANDO—In one of the year’s aggregate low returns for a portfolio of franchise-operated restaurant properties, the ninth and final property in a Florida Applebee’s portfolio has sold. Calkain sold all nine net leased properties individually.

David Sobelman, Calkain‘s executive vice president, exclusively represented the seller in the transactions. Collectively, the sale price of about $23 million.

“Having the critical mass in which to give today’s investor a choice in the geography of their investment allowed investors to choose an asset that best fits their criteria,” says Sobelman. “Also, by having that diversification, investors were more apt to be comfortable paying a higher price to own the asset of their choice.”

Primarily in the Central Florida and Orlando markets, the net leased assets sold for what equated to a 6.9% aggregate capitalization rate. Calkain sees the portfolio sale as a telling series of transactions in which the portfolio was broken up to maximize value.

Calkain estimates that the seller saw a roughly 200 basis points difference in the total pricing. That translates to an additional $4.5 million if the properties were sold together.

All nine properties offered landlord friendly leases, strong Florida real estate, a seasoned operator and a favorable yield. Calkain reports that the net leased properties attracted investors from all over the country and literally hundreds of inquiries and multiple offers were received for each asset.