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Net Lease IHOP Sold

Date December 22, 2022

The Boulder Group, a net lease investment brokerage firm, has completed the sale of a net lease IHOP property located at 4656 Brown Hill Road in Pittsburgh, Pennsylvania for $3,700,000.

The 5,104 square foot IHOP is positioned along Browns Hill Road which experiences over 45,644 vehicles per day. This primary north-south thoroughfare also runs through a major retail destination known as The Waterfront which is occupied by net lease tenants such as Lowe’s Home Improvement, Costco, Dick’s Sporting Goods, Marshalls, Old Navy, T.J. Maxx, Starbucks, Chase Bank, Bath & Body Works, AMC Theaters, Chick-Fil-A, and many more. There are 358,204 people living within five miles of the property earning an average annual household income of $76,252. The property is within proximity to Intestate 376 (69,583 VPD) and is five miles east of Downtown Pittsburgh.

Jimmy Goodman and Randy Blankstein of The Boulder Group represented the seller in the transaction. The seller was a northeast-based real estate investor and the buyer was an investor also based in the northeast.

IHOP has been operating at this location since 2011 and has over 8 years remaining on the primary lease. The lease is triple net which presents zero landlord responsibilities. IHOP is an American multinational pancake house restaurant chain that specializes in American breakfast foods.

“The operator is a highly decorated, 90-unit, franchisee which inspired confidence in the buyer” said Jimmy Goodman, Partner of The Boulder Group. Randy Blankstein, President of The Boulder Group added, “This property’s location across from a bustling retail corridor bodes well for the store going forward.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com