CORFAC News

Contact:
Bob King, CCIM/ TRI Commercial
916-677-8163
bking@tricommercial.com

Roseville, California (August 20, 2012) – TRI COMMERCIAL/CORFAC International, a leading full-service commercial real estate provider serving the U.S. commercial-investment market, today announced the completion of two, triple-net leased IHOP restaurant sales – one in Orange, CT and another in the Dallas suburb of Weatherford, TX.

The IHOP restaurant building located at 486 Boston Post Road, Orange, CT was built in 2000, contains 3,740 square feet on a 46,137-square-foot parcel and is near Yale University. It sold for about $3 million +/-, 6.5%+/- cap rate and the seller was WB Equities of the New York City area, while the buyer was a New York-based LLC.

Bob King, CCIM of TRI Commercial in Roseville, California represented the seller and was the only broker involved.

The IHOP restaurant is located on the high traffic Boston Post Road and in one of Connecticut’s most prominent commercial districts. The NYSE-exchange company and owner of IHOP, DineEquity, Inc. guarantee’s the lease with 14+ years remaining.

King also represented WB Equities, LLC in the sale of a triple net leased IHOP building located at 2005 South Main Street in Weatherford, Texas (near Dallas & Ft. Worth). The IHOP building was built in 2001 and contains 4,098 square feet on a 41,790-square-foot parcel. The buyer was Floken, LLC of Nevada.

The Weatherford IHOP sold for $3 Million +/-, about a 6.5%+/- and has a premium corner location at Main Street and the I-20 interchange with eight national big-box retailers surrounding the IHOP restaurant. The NYSE company, DineEquity, Inc. guarantees the lease with 15-years remaining.

“It was extremely gratifying to execute these transactions on behalf of our valued client in the midst of a challenging market for investment property sales,” said Bob King, CCIM of TRI Commercial. “The sale process demonstrated the strong demand for well-located and absolute triple-net leased assets, with a high-credit NYSE company guarantee in the post-credit crunch environment.”

Including these recent sales, Bob King has sold nine IHOPs in the past three years in multiple U.S. locations, thus earning him the nickname “The Pancake King.”

About CORFAC International
CORFAC International (Corporate Facility Advisors) is distinguished by the way it manages multi-market commercial real estate assignments on behalf of corporate entities and privately owned companies. Founded in 1989, U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services in North America, with coverage in South America provided by Panama-based Latin American Corporate Property Services. A Principal Member of FIABCI – the International Real Estate Federation with global affiliates in Europe and Asia, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged 10,000 completed transactions annually encompassing nearly 100 million square feet and valued at more than $6 billion. For more information on CORFAC, contact 703.532.6160 or visit www.corfac.com.