March 30, 2022 – Kyle Danielson and Matt Nadler of Horvath & Tremblay have successfully completed the sale of IHOP in Cleveland, Tennessee. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,850,000.
The IHOP is located at 4323 Freedom Parkway NW in Cleveland, Tennessee (the “Property”). IHOP has operated at the Property for over 17 years, and the triple-net lease currently has 7+ years of term remaining followed by three, 5-year renewal options. The lease features 10% rental increases every five years throughout the base term and renewal options. The Property is located on an outparcel to Home Depot and is part of a busy retail corridor along Paul Huff Parkway between Interstate 75 (0.65 miles) and the concurrent section of US-11 and TN-2 (0.7 miles). IHOP is situated at the signalized intersection of Freedom Parkway NW and Paul Huff Parkway. The intersection sees more than 29,100 vehicles per day. The property is also in close proximity to the Bradley Square Mall and multiple grocery-anchored shopping centers. Cleveland is just 30 miles northeast of Chattanooga, the fourth largest city in Tennessee with a population of over 180,000.
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.