STORE Capital, ACON Investments Orchestrate $79M Applebee’s Sale/Leaseback

STORE Capital, ACON Investments Orchestrate $79M Applebee’s Sale/Leaseback

STORE Capital Corp. provided financing for the acquisition of RMH Franchise Corp., a franchisee of Applebee’s restaurants. The transaction occurred simultaneously with an equity investment by ACON Investments in RMH Corp. to purchase 45 Applebee’s restaurants from the Concord Neighborhood Corp.

The Cypress Group acted as the financial advisor for the seller in the deal. STORE provided the capital to finance the real estate included in the acquisition. This resulted in a $79 million sale and leaseback transaction on 34 restaurants located across nine states, including Nebraska, Kansas, Missouri, Wyoming, Texas, Oklahoma, Florida, Alabama and Mississippi.

“We are pleased to have been able to contribute meaningfully to the execution of this acquisition for ACON and Cypress,” said STORE Capital CEO Christopher Volk in a statement. “Our talented team of professionals was there to simultaneously extend our net lease financing solution in concert with the company’s other acquisition financing.”

Phillips Edison Buys Three Shopping Centers in the South

Phillips Edison—ARC Shopping Center REIT Inc. acquired a portfolio of three grocery-anchored shopping centers in the South from Charter Hall Retail REIT and Regency Centers Corp.

Kleinwood Center is a 148,963-sq.-ft. shopping center located in Spring, Texas. It was completed in 2003. H-E-B grocery store anchors the property. Kleinwood Center is approximately 92 percent occupied.

Murray Landing is a 64,359-sq.-ft. shopping center in Irmo, S.C. It was completed in 2003 and is currently 100 percent occupied. Publix anchors the property.

Vineyard Center is a 62,821-sq.-ft. shopping center in Tallahassee, Fla. It was built in 2002. Publix anchors the property. Vineyard Center is 84.7 percent occupied.

Brad Peterson, Jim Batjer, Jim Hamilton and Ryan West, of HFF, represented the seller in the transaction.

CBRE Arranges $15M Loan for St. Petersburg Shopping Center

CBRE arranged a $15 million permanent loan to refinance Crossroads Shopping Center, a 341,682-sq.-ft. power center in St. Petersburg, Fla.

Crossroads Shopping Center is currently 100 percent occupied. Tenants include Home Depot, Toys ‘R’ Us, TJ Maxx, West Marine, Ross Dress for Less and Office Depot.

CBRE’s Michael Strober, Donald Jennewein and Amanda Valenti negotiated this transaction.

Pennsylvania Property Sells for $12M

A joint venture of Heidenberg Properties and Blumberg & Freilich Equities bought Mount Pocono Plaza, a 207,455-sq.-ft. community center in Mount Pocono, Pa., for $12 million, or $58 per sq. ft.

Kmart and Weis Markets anchor the property. Inline tenants include Rainbow Apparel, Rent-A-Center, Payless Shoe Source, Wells Fargo and McDonald’s.

Brad Nathanson, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.

Other Notable Deals

Pharma Property Group negotiated the sale of a Walgreens in Sunrise, Fla. for $4.23 million. The transaction closed at a cap rate of 6.5 percent. The store was completed in 1998. Walgreens has five years remaining on its lease term, with eight additional five-year options.

Ackerman & Co. negotiated the sale of a 9,800-sq.-ft. net-leased CVS building in Kaplan, La. for $2.429 million. The property was completed in late 2006. Ackerman & Co.’s Sean Patrick and Jason Powell represented the seller in the transaction. Patrick and Powel also represented CSH Peoria AZ LLC in the sale of a 14,420-sq.-ft. Walgreens store in Peoria, Ariz., to AR Capital LLC for $3.111 million. The Kase Group represented the buyer.


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