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| IHOP |
3480 Wedgewood Lane, The Villages (Lady Lake), Florida
Purchase Price: $2,697,917
• Twenty (20) year primary lease
• Six (6) x 5 year option periods
• NNN (Triple Net Lease)
• 1.25% rent increases annually
Land Area: ± 1.37 Acres, Building Area: ± 3,703 SF |
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Willis Ventures has just closed escrow on another single tenant net leased retail property, IHOP in The Villages, Florida. The property sold for $2,697,917. The Primary lease period is 20 year NNN with six 5-year options.
IHOP is one of the leading chain restaurant companies in the US with its two flagship concepts, the International House of Pancakes and Applebee’s Neighborhood Grill & Bar. The #3 family-style diner chain behind Denny’s and Waffle House, International House of Pancakes has more than 1,300 mostly franchised restaurants that are open 24 hours a day. The eateries also offer standard family fare (sandwiches, burgers, salads) for lunch and dinner. Applebee’s is the #1 casual dining chain with more than 1,970 locations in about 20 countries offering a wide variety of appetizers and entrees.
The subject property is located in Southern Trace Plaza, in The Villages, Florida. The Villages is an hour north of Orlando and is the largest single-site real estate development in the United States encompassing 26,000 acres in three counties. To the west of the shopping center is the second phase of Buffalo Ridge Lifestyle Center which is a 1,200,000 square foot center anchored by Wal-Mart. The property is in a perfect position to benefit from the traffic created by the Southern Trace Plaza, the Lifestyle Center next door and the main east/west thoroughfare, Country Road 466. Some of the other national tenants in the surrounding area include: Ace Hardware, Bank of America, Beall’s Outlet, Circle K Gas Station, Colonial Bank, CVS Pharmacy, Dairy Queen, Dunkin Donuts, KFC - Taco Bell, Publix Supermarket, Quiznos Subs, Regions Bank, Shell Gas Station, Sun Trust Bank, Wachovia Bank, and Walgreens.
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