December 14, 2021 – Aaron Huntley, Bob Horvath, Todd Tremblay, and Brian Ahrens of Horvath & Tremblay have successfully completed the sale of Applebee’s in Berlin, Vermont. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $1,256,464.
Applebee’s is located at 233 Paine Turnpike in Berlin, Vermont. Applebee’s signed a 15-year, ground lease at the Property in 2002. In 2018 Applebee’s exercised and restructured their first option increasing the term from 5 years to 10 years, demonstrating their commitment to the site and the market. The ground lease currently has 6+ years of term remaining with three (3), 5-year renewal options remaining. The lease calls for attractive 10% rent increases at the start of each of the remaining renewal options. The Property is improved by a large franchisee guaranteed lease with Apple New England, LLC, owned by Apple American Group, the largest Applebee’s franchisee that operates 444 restaurants across 23 states. Applebee’s is situated along Paine Turnpike N at the signalized intersection with VT Route 62. The Property is 1,000 feet from the exit 7 on/off ramps along Interstate 89, across the street from a Shaw’s Supermarket, less than 3/4-miles from the Walmart Supercenter and Kohl’s anchored Berlin Mall, and 1-mile from the Central Vermont Medical Center, the area’s primary hospital.
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.