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PHOENIX-The nation’s largest Applebee’s franchiser is eyeing a first quarter 2002 delivery for a restaurant at the southwest corner of 48th Street and Chandler Boulevard in Phoenix. Second T&K Real Estate LLC of Lexington, KY paid $775,000 for the 50,000-sf pad site at the Foothills Corporate Park.

Thomas & King, the well-known franchiser, owns 25 Applebee’s in Arizona, Tom Woods of Colliers International’s Phoenix office, tells GlobeSt.com. Woods represented the buyer in the pad site sale while seller, Transwestern-Chandler LLC, used Zach Pace of Phoenix Commercial Advisors.

The Applebee’s construction is the second pad site to be developed at the Foothills Corporate Park, a project of Chicago-based Transwestern Investment Co. LLC. In place is a service station and coming soon is a bank, says Woods. There are just a handful of retail sites available at the project, which fronts Chandler Boulevard. The Foothills Corporate Park, in the development stages, will consist of four buildings totaling 87,772 sf upon completion.

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