Florence Applebee’s Sold for $577/SF


sold sign56The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Applebee’s Neighborhood Grill & Bar (Applebee’s) property located at 811 S. Irby Street in Florence, SC for $2,050,000. The City of Florence is the largest city in Northeastern South Carolina and was recently named among America’s top fifty cities for business relocation and expansion by Expansion Management Magazine.

The 3,552 square foot freestanding Applebee’s sits on approximately 1.462 acres off of U.S. Route 52, a strategic highway through central South Carolina, and is in close proximity of several national and regional tenants including Autozone, Jiffy Lube, Piggly Wiggly and CVS. Applebee’s is the largest casual and family dining concept in America, both in terms of number and market share.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based investment firm.

There are over four years remaining on the Applebee’s lease which expires in December 2020. The lease features a 1.5% rental escalation.

“The market for net lease QSR properties remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Short term leases with strong real estate fundamentals allow investors to achieve higher yields.”

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