NAPLES, Fla., November 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of IHOP, a 4,200-square foot net-leased property located in Naples, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,309,258.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Jim Shiebler, James Garner and James Medefind.
“We leveraged Marcus & Millichap’s platform and established relationships, and ultimately, selected an East Coast Florida buyer, who appreciated the highly coveted location, the future appreciation of the land, below market rent and stability and growth of tenant, Sunshine Restaurant Partners, which is the largest IHOP operator in Florida. This astute purchaser also recognized that the property is surrounded by 400 hotel rooms within 400 ft. and it is ideally situated less than 2 minutes to prestigious 5th Ave. Naples.” stated Mr. Shiebler.
IHOP is located at 1921 Davis Boulevard in Naples, Fla. The triple-net leased IHOP is located on a large parcel, currently with a motel, which can be subdivided for a net-leased restaurant investment opportunity.