Lakeland, FL - Applebee's
$3,341,000
230 Arteva Drive, Lakeland, FL 33809
6.65
Cap Rate
222,166
NOI
Details:
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 site is located in close proximity to Shoppes of Lakeland, a 186,000+ SF shopping center, that is anchored by Target, TJ Maxx, Burlington and more
• The asset is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Sam’s Club, Aldi, Home Depot, Culver’s, Ulta, Lowe’s, and more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
Location
Gallery
