May 17, 2022 – Luke Thomson of Horvath & Tremblay has successfully completed the sale of Applebee’s in Pekin, Illinois. Horvath & Tremblay exclusively represented the buyer to complete this transaction at a sale price of $2,000,000.
Applebee’s is located at 3540 Court Street in Pekin, Illinois. Applebee’s has a long operating history at this location and just signed a new 12-year, absolute NNN lease at the Property in 2022 demonstrating their commitment to the site and the market. The lease calls for attractive 5% rent increases every five years throughout the primary lease term. Applebee’s is situated at the signalized intersection of Court Street (IL Route 9) and Veterans Drive which sees more than 36,000 vehicles per day. Court Street is the primary commercial and commuter corridor and connects the area with downtown Pekin to the west and Interstate 155 to the east. The area is home to numerous national retailers including Walmart Supercenter, Menards and Aldi as well as several quick-serve restaurants that draw customers to the area.
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.