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.<\/p>\n
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\u2019s Home Improvement, Costco, Dick\u2019s 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cThe operator is a highly decorated, 90-unit, franchisee which inspired confidence in the buyer\u201d said Jimmy Goodman, Partner of The Boulder Group. Randy Blankstein, President of The Boulder Group added, \u201cThis property\u2019s location across from a bustling retail corridor bodes well for the store going forward.\u201d<\/p>\n