Lakeland, FL - Applebee's

Description:

• The tenant currently has 7+ years remaining on their initial lease with 2 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 10% rental increases every 5 years during the initial term and at the beginning of each option, 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

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Listing ID: a28TP000001J78TYAS