Williamstown, NJ, January 9th, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Applebee’s, a 5,600-square-foot Net-Leased property located at 1830 South Black Horse Pike, Williamstown, New Jersey, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $2,360,975.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a New York-based investor. The buyer was a Philadelphia-based investor looking for a less management-intensive property.
“On behalf of the Dougherty Team, we would like to extend congratulations to the buyer, seller, and all key parties, including the lender, American Heritage Credit Union, and our dedicated mortgage brokers, Neil Campbell and Ian Nordfors. This collaborative effort in navigating a challenging lending environment successfully brought this deal to the closing table. Special appreciation goes to Clark Talone for referring the buyer with a recent successful sale of an apartment complex in Philadelphia," said Derrick Dougherty.
“Back in 2015, our team facilitated the sale of this property to the seller when it was originally developed. This sale presented a rare investment opportunity to acquire an Applebee’s with a ground lease and as an out parcel to the leading Walmart in the district, based on sales,” said Derrick Dougherty.
“This property is situated in a strong submarket and is operated by the largest Applebee’s franchisee, Apple American Group, boasting over 440 locations across 23 states. This location has truly excelled by seamlessly engraining itself into the local submarket,” said Mark Krantz.
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