CORFAC News

December 16, 2010 — ROSEVILLE, California – TRI Commercial/CORFAC International Senior Vice President and Regional Manager Ed Benoit announced that TRI’s Robert (Bob) King, CCIM recently listed and sold two corporately owned and long-term leased International House of Pancakes (IHOP) properties.The West Valley City, Utah IHOP seller was WB Equities (represented by TRI/Bob King) and the buyer is a private investor from Southern California (represented by Mary Street of the Orem, Utah Cushman & Wakefield office). The sale price could not be disclosed, yet marketing materials pegged the asking price at $2,322,400, a 6.75% listed cap rate.
Built in 2000, the 4,114-square-foot restaurant building is located at 3383 Decker Lake Drive on approximately 44,815 square feet of land. West Valley City is Utah’s 2^nd largest city and is a suburb of Salt Lake City.The buyer of the Utah IHOP property acquired a 17-year, triple-net lease that is guaranteed by the publicly-traded restaurant chain IHOP Corporation (NYSE: “DIN”) with 10 percent increases every five years including options.The Coeur d’Alene, Idaho IHOP seller was the Froehlich Trust (represented by TRI/Bob King) and the Buyer was a private investor from Coeur d’Alene, Idaho represented by Brett Terrell of Motion Realty of CDA, Idaho. The price could not be disclosed, but the marketing materials indicated the list price of $2,300,000, a 6.83% cap rate.Built in 1995, the 4,758 square-foot restaurant is located at 2301 North 4^th Street and is on nearly an acre of land (the site is approximately 42,689 square-feet). The buyer of the Idaho IHOP acquired an absolute, triple-net lease that is guaranteed by DineEquity, Inc. (the IHOP parent corporation) with about 10-years remaining on the primary term.Mr. King has developed a business niche of selling net-leased-investment properties and in the past 30 months has sold six corporate NNN leased IHOPs.Based in Roseville, CA, TRI Commercial/CORFAC International was founded in 1977 and is affiliated with U.S.-based CORFAC International and its international associates King Sturge, BDI, Latin American Corporate Property Services and Rios Commercial Corp. CORFAC International is one of the largest commercial real estate services organizations in the world and comprised of privately held entrepreneurial firms serving more than 150 markets worldwide. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit www.corfac.com.