St Petersburg, FL - Applebee's

Description:

• The tenant currently has 8+ years remaining on their initial lease with 6 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 1% annual rental increases during the initial term and options thereafter, growing NOI and hedging against inflation
• The lease is guaranteed by Neighborhood Restaurant Partners, a 100+ unit franchisee
• Applebee’s franchise operations consisted of 1,567 Applebee’s restaurants in the United States and 47 company-operated U.S restaurants as of December 29, 2024

• The asset is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Target, Publix, Lowe’s, Sam’s Club, Home Depot, Aldi, Walmart Supercenter, and more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• The site is in close proximity to St. Anthony’s Hospital which is a 448 beds private hospital
• Furthermore, the asset is near St. Petersburg High School (2,013 students), Meadowlawn Middle School (832 students), and Northeast High School (1,762 students) further increasing consumer traffic to the area