San Diego — Representing a real estate investment trust, The Mansour Group has sold a portfolio of five Applebee’s for $13.3 million.
To complete the transaction, The Mansour Group sourced a private high net worth California investor, who sold an apartment complex and acquired the portfolio through a 1031 exchange. The restaurants are located in North Carolina, Texas, Tennessee, Minnesota and Kentucky:
- Elizabeth City, N.C.: A 4,676-sq.-ft. Applebee’s occupies an outparcel at Elizabeth City Crossing, a 99,417-sq.-ft. shopping center anchored by Big Lots and Farm Fresh.
- Lufkin, Texas: A 5,199-sq.-ft. Applebee’s stands on an outparcel at South Loop Crossing, a 125,000-sq.-ft. power center anchored by Ross, Best Buy, Old Navy and Bed Bath and Beyond.
- Madisonville, Ky.: A 5,393-sq.-ft. Applebee’s is located in the heart of the area’s retail hub. Neighbors include Wal-Mart, Lowe’s, Kroger, CVS, Burger King and others.
- Memphis, Tenn.: Situated along a main retail corridor, a 4,830-sq.-ft. Applebee’s is about two miles east of The Regional Medical Center at Memphis and the Methodist University Hospital, a teaching hospital of the University of Tennessee Health Science Center.
- Owatonna, Minn.: A 5,460-sq.-ft. Applebee’s occupies a site just east of Interstate 35, the area’s main traffic artery. Combined daily traffic counts exceed 49,700 vehicles. Neighbors include an AmericInn Hotel & Suites, Target, Sears, Starbucks, KFC, Taco Bell, Jimmy John’s and others.