March 9, 2021 – Matt Nadler and Matt Siebert of Horvath & Tremblay have successfully completed the sale of a Perkins Restaurant in Clear Lake, Iowa. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $900,000.
The single-tenant Perkins Restaurant is located at 1207 N 25th Street in Clear Lake, Iowa. Perkins has been operating at this location for 42 years (since 1978); they have 4 years of term remaining plus two, 5-year renewal options on their Absolute NNN corporate lease. The lease calls for an attractive 10% increase at the start of each renewal option. Perkins is situated along N 25th Street, adjacent to US Route 18, the area’s primary retail and commercial thoroughfare, and immediately off Interstate 35. The property enjoys outstanding visibility, signage, and frontage along both N 25th Street and US Route 18, the area’s primary retail and commercial corridor. Perkins is also clearly visible from Interstate 35 which sees more than 20,000 vehicles per day. Additionally, the property is surrounded by three hotels (AmericInn by Wyndham, America’s Best Value Inn and Microtel Inn & Suites) and is less than ¾-miles from Clear Lake High School and Clear Lake Middle School.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.