Three Retail Locations Deals Trade In One Day

by Steve Lubetkin Globe.com
The properties, an Applebee’s in Williamstown, NJ; a KinderCare in Allentown, PA; and a Walgreens in Warminster, PA.

The Applebee’s is a new location, opening in August. The franchise location, which is an outparcel to a Walmart, is part of a 20 year triple net ground lease. The buyer, a limited liability company. The franchisee and tenant, Apple American Group, owns and operates approximately 450 Applebee’s Neighborhood Grill and Bar restaurants in the United States, making it one of the two largest franchisees of any concept in the United States. The Applebee's is located at 1840 S. Black Horse Pike in Williamstown, NJ.

A 7,516-square-foot KinderCare in Allentown, PA was sold. The asset, previously owned by a Florida-based investor looking to move his portfolio south, sold for $1.17 million. The buyer, a limited liability company local to the area. Despite the difficulty that hit day care centers during the recession, strong demographics in the Allentown area has kept this KinderCare profitable. A continuously high occupancy rate and an Average Household Income above $103k has kept the tenant in the same location for 15 years. The Corporately Guaranteed KinderCare also recently renewed its five year lease and routinely has above 90 percent occupancy, currently with 110 children enrolled out of a 116 capacity. The buyer, savvy to the local real estate market and the value of a strong tenant, was motivated by these numbers. KinderCare is located at 7575 Penn Drive in Allentown, PA.

The third property closed was a 13,905-square-foot net-leased Walgreens at 10 York Road in Warminster, PA. The asset sold for $7.55 million. The seller was a developer  that has built more than 100 Walgreens across the East Coast. The buyer, a limited liability company that owns and builds retail, multifamily, and industrial properties, was secured and represented by Ridge MacLaren, Built in 2000, the Walgreens has a 30 year lease.
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