Marcus & Millichap Real Estate Investment Services has successfully brokered the transaction of an existing 5,130 s/f Applebee's. The sale price of $2.18 million represents $425 per s/f and a CAP Rate of 9.21%. The Applebee's has 18+ years remaining on the base term with (4) five year options. The property is located at 24 Settlers Green Dr.
Robert Horvath and Todd Tremblay of the firm's Boston office procured the buyer Salinger LLC. The property was sold by DBAPPLEF LLC located in New York, NY.
With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,756 transactions in 2008, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.