PALESTINE, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Applebee's, a 4,242-square foot triple-net leased property located in Palestine, Texas, according to Bill G. Jordan, regional manager of the firm’s Ft. Worth office.
Vincent Knipp, an investment specialist in Marcus & Millichap’s Ft. Worth office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an individual/personal trust, was secured and represented by Matthew Hazelton, Adam "AJ" Prins, Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office.
Applebee's is located at 2225 South Loop 256 in Palestine, Texas. This property sits on a large, 1.028-acre outparcel to a Walmart Supercenter. The building was built in 1999 and has operated as an Applebee's since 2008. There are approximately 15 years remaining on the primary lease term, and the tenant is responsible for all expenses and maintenance of the property's roof and structure; there is no landlord responsibility with the lease.