Morgan Property Group, LLC is pleased to announce the sale of a freestanding IHOP restaurant located at the Cottonwood Corners development in Albuquerque, New Mexico.
This 4,195 sq.ft. restaurant was built in 2001 and sits as an outparcel to a major regional mall development, Cottonwood Mall. The NNN lease commenced in October 2001 with a 20 year term, and has a corporate guarantee. The property sold on August 12, 2015 for $3,000,000, at a cap rate of 6.17%. Greg Woulfe of Morgan Real Estate, Inc., the brokerage arm of MPG, represented the Buyer, ABQ Edison, LLC. Brandon Hanna of Marcus & Millichap represented the Seller, Windsor Exchange Corporation as Qualified Intermediary for Peter Kraus.
For over 57 years, International House of Pancakes, LLC (www.ihop.com) has been a leader and expert in all things breakfast and a leader in family dining. The chain is highly competitive in its menu offering, serving 65 different signature, made-to-order breakfast options as well as meals under 600 calories. As of June 30, 2015, there were 1,651 IHOP restaurants in 50 states and the District of Columbia, as well as in Canada, Guatemala, Mexico, Puerto Rico, the United Arab Emirates, Kuwait, the Kingdom of Saudi Arabia, Bahrain, the Philippines and the U.S. Virgin Islands. IHOP restaurants are franchised and operated by Glendale, Calif.-based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of DineEquity, Inc.
For over thirty-eight years, Morgan Property Group has been in the commercial real estate development and brokerage business. MPG focuses on neighborhood shopping centers, multi-tenant buildings, and single-tenant projects anchored by a variety of national and regional retailers. The company and its affiliates are developing multiple retail, mixed use, and urgent care medical projects throughout the Mid-Atlantic and Southeast. To find out more, follow Morgan Property Group on Facebook and Twitter @MPG_Development or visit our website at www.morganpg.com.