PALM BEACH, FL—Another net leased restauranthas sold in South Florida. A 4,755-square-foot netleased Applebee's in Del Ray Beach, FL, sold for $1.87million.

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“South Florida has continued to demand aggressive cap rates,even from area investors who realize the intrinsic value of localcommercial real estate with strong fundamentals in core markets,”says Ronnie Issenberg, vice president ofinvestments, in Marcus & Millichap's Miamioffice, represented the buyer. Gabriel Britti,associate vice president of investments, worked with Issenberg.Kirk Felici assisted in closing thistransaction.

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“The location of this property offered the buyer the opportunityto acquire a solid asset sitting on an outparcel to a HomeDepot-anchored center,” Cunning says. “It also benefits fromseveral other national retailers in the surrounding area."

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The Applebee's is located at 15058 Jog Road in Delray Beach, FL.Chris Cunning, a first vice president ofinvestments in M&M's Las Vegas office, represented the seller,a limited liability company.

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“This property has excellent fundamentals and is a greatlocation,” says Britti “It is no surprise that it sold within thefirst few days of hitting the market at list price.”

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