CORFAC News

June 8, 2010 —Mechanicsville, VA – TRI Commercial/CORFAC International Senior Vice President and Regional Manager Ed Benoit announced that TRI’s Robert (Bob) King, CCIM was the only broker involved in thesale of a Mechanicsville, VA International House of Pancakes (IHOP) property.The seller was WB Equities and the buyer is a private investor from Pacific Palisades, Calif. The sale price could not be disclosed yet marketing materials pegged the asking price at $3,049,000.
Built in 2000, the 4,994-square-foot restaurant building is located at 7401 Sandy Lane on approximately 52,576 square feet of land. Mechanicsville, a suburb of Richmond, Virginia has a population of about 34,000 and is well known for its Civil War battlefield history.The buyer of the IHOP property acquired a 16-year, triple net lease by the publicly-traded restaurant chain IHOP Corporation (NYSE: “DIN”) with 10 percent increases every five years including options. The initial capitalization rate, or the yield/return on investment for the first year, is 6.54 percent.The restaurant is situated in a dynamic shopping district of Mechanicsville, right off the Mechanicsville Turnpike (Hwy 360) and about half a mile from Interstate 295. A Super Wal-Mart, Hampton Inn, Outback Steakhouse, Kohl’s, Best Buy, Home Depot, Applebees, Starbucks and Panera Bread are among the retailers nearby.Mr. King has developed a business niche of selling net leased investment properties. The Mechanicsville IHOP is the fourth IHOP he has sold in the past 20 months. In September 2009, he represented WB Equities in the sale of an IHOP in Federal Way, WA for more than $3 million.Mr. King currently has listed for sale the West Valley City, Utah IHOP and the Coeur d’Alene, Idaho IHOP.Based in Roseville, CA, TRI Commercial/CORFAC International was founded in 1977 and is affiliated with U.S.-based CORFAC International and its international associates King Sturge, BDI, Latin American Corporate Property Services and Rios Commercial Corp. CORFAC International is one of the largest commercial real estate services organizations in the world and comprised of privately held entrepreneurial firms serving more than 150 markets worldwide. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit www.corfac.com.