July 18, 2024 – Hill Kanellos and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of an Applebee’s in Waynesboro, Virginia. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $1,800,000.
Applebee’s is located at 900 Lew Dewitt Boulevard in Waynesboro, Virginia. Applebee’s occupies a 4,799 square foot building positioned on a 2.06-acre parcel of land. Applebee’s has been at this location for more than 16 years and has 3+ years remaining on an Absolute NNN Ground Lease with four (4), 5-Year Options. The lease features attractive rent increases at the start of each renewal option period. The Property is well positioned along Lew Dewitt Boulevard and is adjacent to the intersection with Rosser Avenue (US Route 340), the area’s primary commercial and commuter corridor which sees more than 39,200 vehicles per day. Applebee’s enjoys outstanding visibility and frontage and has two points of entry and egress along two roads, allowing for excellent accessibility. Applebee’s is just 0.25-miles from Interstate 64 and is surrounded by national retailers and restaurants including Walmart Supercenter, Martin’s, Lowe’s, and Home Depot that drive traffic to the area. Additionally, the Property is surrounded by densely populated residential neighborhoods that provide a built-in customer base. Waynesboro is located in central Virginia and is approximately 100 miles northwest of Richmond.
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.