March 18, 2021 – Kyle Danielson, Brad Canova, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of IHOP in Grove City, Ohio. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,925,000.
The IHOP is located at 2040 Stringtown Road in Grove City, Ohio (the “Property”). IHOP signed a new, 20-year, Absolute NNN Lease at the Property in 2015. The lease currently has 14+ years of term remaining plus one, 10-year and two, 5-year renewal options. Both the initial term and renewal terms include attractive 1.50% annual rent increases. IHOP is situated along Stringtown Road, the areas primary retail and commercial thoroughfare. IHOP enjoys outstanding visibility and multiple points of entry along the heavily trafficked Stringtown Road with additional access via Gantz Road. The property is an outparcel to an Aldi and OhioHealth Urgent Care facility. IHOP is located less than ¼-mile from the I-71 on/off ramp, and approximately 1-mile from I-270. Stringtown Road is home to numerous national retailers like Target, Walmart, Home Depot, Giant Eagle Supermarket, Kroger, Aldi, Panera Bread, Starbucks, and Chick-Fil-A, as well as numerous banks and medical offices. Grove City is +/-7 miles from Columbus, the state capital and home to The Ohio State University. Additionally, IHOP is within 2-miles of two area hospitals (Mount Carmel Grove City Hospital and OhioHealth Grove City Methodist Hospital) and within 12-miles of twelve Colleges/Universities.
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.