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

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

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

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

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