May, 25, 2021 – Luke Thomson and Joseph Pellecchia of Horvath & Tremblay have successfully completed the sale of IHOP in Riverview, Florida. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $3,200,000 which represents a 5.0% Cap Rate.
The IHOP is located at 12978 US Highway 301 in Riverview, FL. The stand-alone building consists of 3,764 square feet and sits on a 1.0-acre parcel of land. The new construction IHOP features a 15-year Absolute NNN Ground Lease with five (5), 5-Year Renewal Options. The lease features 1% annual increases beginning in year 4 of the lease throughout both the primary lease term and the renewal options. IHOP is strategically positioned along US Highway 301, the dominant retail corridor serving Riverview with more than 50,000 vehicles per day. The Property is strategically positioned as an outparcel to the South Hillsborough VA Clinic, is across the street from a new Sprouts Grocery Store and is just seconds away from a Publix Anchored shopping center. Additionally, more than 7,400 homes are either under construction or just built within the local trade area making Riverview one of the fastest growing markets in Florida.
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.