ORLANDO—The final Applebee's restaurant in an eight-property portfolio has traded hands. Calkain Companies brokered the sale of the triple net leased site is in Eustis, Fla.
Located primarily in Central Florida and Orlando, the portfolio sold approximately for $20.5 million which equated to a 6.93% aggregate capitalization rate. Rather than selling the restaurants to a single buyer, Calkain sought out individual buyers.
The result: the sellers saw a 200 basis points difference in the total pricing. Calkain estimates the differential in the basis points translated to an additional $4 million than if the properties were sold together.
"This transaction cements the dominance in the sale leaseback, triple net lease investment market by Calkain Companies,” says David Sobelman, executive vice president at Calkain. Sobelman brokered the deal.
All eight of the Applebee's properties featured landlord-friendly leases, attractive locations, a seasoned operator, and a favorable yield. Sobelman says the property attracted investors from all over the country and literally hundreds of inquiries and multiple offers were received for each asset.
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